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 day’s closing price of 7.75p a share, each AI Claims share was valued at 24.8p – a 22.5% premium to AI’s 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.
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