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Provider: Directors Deals Ltd.

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Quindell Portfolio PLC to Acquire Crusader Assistance Group Holdings Limited

Wednesday, 24 Apr 2013 02:01am EDT 

Quindell Portfolio PLC announced that it has entered an exclusive partnering agreement, with immediate effect, and the acquisition subject to FSA approval of Crusader Assistance Group Holdings Limited (trading as Crusader), a provider of full claims management services for a number of the UK's auto insurance brokers. The terms of the acquisition, which is subject to approval from the Financial Services Authority (Completion) will be satisfied by the issue at Completion of 34,285,714 Quindell shares representing approximately 1% of the Group's issued share capital, together with the payment of GBP 1 million cash and two further payments of GBP 1 million after the end of each of the two warranted profit periods. Based on the agreed valuation of GBP 9 million, the transaction gives an implied value of 17.5p per Quindell share. The shares are subject to lock in of between 12 and 36 months from the date of issue. 

Company Quote

1.5 +3.75%
24 Dec 2014