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AI Claims Solutions

  • BY: Andrew Hore |
  • POSTED: 25/01/2012 |

Outsourced services provider Quindell Portfolio has acquired a 29.9% stake in motor claims management services provider AI Claims Solutions from three individual shareholders.

Quindell swapped 3.2 of its shares for each of the AI Claims shares it acquired. At the previous days closing price of 7.75p a share, each AI Claims share was valued at 24.8p a 22.5% premium to AIs market price the previous day. The share price rose 5p to 25.25p, valuing AI Claims at 15.4m.

Charles Good, Ari Zaphirou-Zarifi and David Gorton sold shares and they retain 2.94%, 2.57% and 6.18% of AI Claims respectively.

Quindell has been active in recent months. It has completed the takeover of medico-legal reports supplier Mobile Doctors and announced the proposed acquisition of Silverbeck Ryman Solicitors, which operates in the personal injury market.

Quindell will pay 19.3m for Silverbeck - 10.25m in cash and the rest in shares at a price of 7.5p each. The Silverbeck acquisition requires the approval from the Solicitors Regulation Authority. In the year to April 2010, Silverbeck made a profit of 6m and the acquisition should be earnings enhancing.

Daniel Stewart increased its 2012 profit forecast from 18.1m to 24.4m on the back of the Silverbeck acquisition.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf

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