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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
AI Claims | LSE:ACS | London | Ordinary Share | GB0009374090 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMQPP TIDMACS
RNS Number : 4148D
Quindell Portfolio PLC
15 May 2012
Mandatory Cash Offer with Share Alternative
for
Ai Claims Solutions Plc ("Ai Claims")
by
Quindell Portfolio plc ("Quindell")
Offer Update and Unconditional in all respects
As at 1.00pm on 15 May 2012, Quindell had received valid acceptances under the Mandatory Cash Offer with Share Alternative in respect of a total of 10,359,922 Ai Claims Shares, representing approximately 16.86 per cent. of the existing issued share capital of Ai Claims and 75.88 per cent. of the Ai Claims Shares to which the Offer relates, of which elections have been made:
-- in respect of 8,893,118 Ai Claims Shares, under the Cash Option; -- in respect of 1,460,099 Ai Claims Shares, under the Lock-In Option; and -- in respect of 6,705 Ai Claims Shares, under the Orderly Market Option.
Prior to today's announcement, Quindell owned 47,292,558 Ai Claims Shares, representing approximately 77.6 per cent. of the existing issued share capital of Ai Claims. The Offer was unconditional in all respects upon being made on 24 April 2012.
Accordingly, Quindell now owns or has received valid acceptances in respect of a total of 57,652,480 Ai Claims Shares, representing, in aggregate, approximately 94.6 per cent. of the issued share capital of Ai Claims. In accordance with Rule 31.4 of the City Code, Quindell announces that the Offer will remain open for acceptance for a further 14 days, until 1:00 pm on 29 May 2012 and will not be extended beyond such time and date.
Settlement of consideration
Settlement of the consideration to which Ai Claims Shareholders are entitled pursuant to acceptances of the Offer shall be dispatched (or, in the case of Ai Claims Shareholders holding their Ai Claims Shares held in uncertificated form, shall be credited through CREST) in accordance with the Offer Document, as follows:
(i) acceptances under the Cash Option
In the case of Ai Claims Shareholders who have validly accepted the Offer under the Cash Option by 1.00 p.m. on 15 May 2012, on or before 29 May 2012; and in the case of Ai Claims Shareholders who validly accept the Offer under the Cash Option after 1.00 p.m. on 15 May 2012 and by 1:00 pm on 29 May 2012, within 14 days of the receipt of such acceptances.
(ii) acceptances under the Lock-In Option and the Orderly Market Option
Application has been made for a total of 4,692,426 New Quindell Shares due in respect of acceptances under the Lock-In Option and the Orderly Market Option to be admitted to trading on AIM. Admission of these New Quindell Shares is expected to occur on 17 May 2012. Following such Admission Quindell will have a total of 2,633,731,351 Quindell Shares in issue. Application for Admission of New Quindell Shares due in respect of acceptances under the Lock-In Option and the Orderly Market Option after 1.00 p.m. on 15 May 2012 and by 1:00 pm on 29 May 2012 will be made within 14 days of the receipt of such acceptances.
Cancellation of trading on AIM
At the request of Quindell, Ai Claims has notified the London Stock Exchange of its intention to seek a cancellation of admission to trading on AIM of Ai Claims Shares (the "Cancellation"). As a consequence, Ai Claims will shortly be sending a circular to Ai Shareholders convening a general meeting (the "General Meeting") where it will seek approval from Ai Shareholders for the Cancellation. Quindell has already indicated that it will vote in favour of the Cancellation and, given its shareholding in Ai Claims, it is expected that the Cancellation will be approved at the General Meeting. Ai Claims Shareholders who have not yet validly accepted the Offer are, therefore, urged to do so as soon as possible.
Following the Cancellation becoming effective, Quindell intends to re-register Ai Claims as a private company under the relevant provisions of the Companies Act 2006. The Cancellation and re-registration of Ai Claims as a private company would significantly reduce the liquidity and marketability of any Ai Claims Shares which have not been acquired by Quindell. Following the Cancellation becoming effective, there will be no future market for Ai Claims Shareholders to realise their investment in Ai Claims. Ai Claims Shareholders will still be able to buy and sell Ai Claims Shares on AIM prior to the Cancellation becoming effective.
Terms defined in the Offer Document dated 24 April 2012 have the same meaning in this announcement.
For further information:
Quindell Portfolio Plc Rob Terry, Chairman & Chief Executive Tel: 01329 830 501 Laurence Moorse, Group Finance Director terryr@quindell.com Tel: 01329 830 543 moorsel@quindell.com Cenkos Securities plc (Nominated adviser and broker) Tel: 020 7397 Stephen Keys /Adrian Hargrave(Corporate Finance) 8900 Alex Aylen / Andy Roberts (Sales) Media Enquiries RedleafPolhill Limited Rebecca Sanders-Hewett Tel: 020 7566 Jenny Bahr 6720 quindell@redleafpolhill.com Quindell Portfolio Plc Gillian Baker, Investor Relations Tel: 01329836724 bakerg@quindell.com Tracey Terry, Chief Communications Officer Tel: 01329 830 501 terrylt@quindell.com Ai Claims Solutions Plc David Sandhu, Chief Executive Tel: 0844 571 3108 Peter Harrison, Chief Financial Officer Tel: 0844 571 3200 Shore Capital & Corporate Limited Stephane Auton / Patrick Castle Tel: 020 7408 4090
Cenkos Securities plc, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Quindell and no one else in connection with the contents of this announcement, and accordingly, Cenkos will not be responsible to anyone other than Quindell for providing the protections offered to clients of Cenkos nor for providing advice in relation to any matter referred to herein.
Shore Capital & Corporate Limited, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Ai Claims and no one else in connection with the contents of this announcement, and accordingly, Shore Capital will not be responsible to anyone other than Ai Claims for providing the protections offered to clients of Shore Capital nor for providing advice in relation to any matter referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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