Quindell PLC Cash settlement of options (4844C)

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RNS Number : 4844C

Quindell PLC

16 October 2015

16 October 2015

Quindell Plc

("Quindell" or the "Company" or the "Group")

Cash settlement of options

Quindell Plc (AIM:QPP.L) announces that, pursuant to the rules of the Company's Share Option Plan, it has agreed to settle for cash 21,892,991 vested share options granted on and prior to 12 January 2015 at a total cost of GBP11.15m (plus any employers' national insurance costs).

The options were settled at a market value exercise price of 99.35p (being the 5 day average mid-closing price prior to the proposal being made to relevant optionholders) less the respective exercise price of each option. Income tax and employee national insurance contributions will be payable by recipients.

A table of current shares in issue, shares expected to be issued, and options outstanding is shown below (all shares of 15 pence each):

 
 Shares in issue as at 15 October 2015                                                  444,959,317 
====================================================================  =============  ============== 
 Shares potentially to be issued relating to: 
====================================================================  =============  ============== 
 
         *    BE Insulated deferred consideration shares (if 
              issued)                                                       200,000 
====================================================================  =============  ============== 
 
         *    Navseeker settlement (subject to Delaware Court 
              approval)                                                     684,770 
====================================================================  =============  ============== 
 
         *    PT Health acquisition (under call option agreement)         9,466,666 
====================================================================  =============  ============== 
 Sub-total                                                               10,351,436 
====================================================================  =============  ============== 
 Total                                                                                  455,310,753 
====================================================================  =============  ============== 
 
 Vested and in-the-money options outstanding 
  as at 15 October 2015 following settlement 
  detailed above 
====================================================================  =============  ============== 
 
         *    Options expiring 18/12/2024 with an exercise price of 
              33p                                                         3,909,091 
====================================================================  =============  ============== 
 
         *    Options expiring 12/1/2025 with an exercise price of 
              68.65p                                                      2,156,250 
====================================================================  =============  ============== 
 Sub-total                                                                6,065,341 
====================================================================  =============  ============== 
 Total shares, to be issued shares and vested 
  in the money options as at 15 October 2015                                            461,376,094 
====================================================================  =============  ============== 
 
 Other options outstanding as at 15 October 
  2015 (partially vested but out of the money) 
====================================================================  =============  ============== 
 
         *    Options expiring 30/06/2019 with an exercise price of 
              240p                                                        6,922,726 
====================================================================  =============  ============== 
 
         *    Options expiring 30/06/2019 with an exercise price of 
              600p                                                          583,333 
====================================================================  =============  ============== 
 

For further information:

 
 Quindell Plc                                            Tel: [phone] 
 Richard Rose, Non-executive Chairman 
  Indro Mukerjee, Group Chief Executive 
  Officer 
 Stephen Joseph, Head of Investor Relations 
 
 Tulchan Communications                            Tel: [phone] 
 Victoria Huxster 
 
   Peel Hunt LLP, Nominated Adviser and             Tel: [phone] 
   broker 
 Dan Webster 
 
 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 16, 2015 02:00 ET (06:00 GMT)