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Quindell Portfolio Plc Announces Further Investment Into Ingenie For Rapid Expansion


Thursday, 19 Sep 2013 02:08am EDT 

Quindell Portfolio Plc announced that it has increased its investment in ingenie Limited to circa 43% and has made a direct 40% investment in two newly formed subsidiaries of ingenie, ingenie (UK) Limited, that will extend ingenie's telematics insurance offering to over 25's across the UK, and ingenie Canada Inc, that will offer telematics insurance to drivers of all ages across Canada. The terms of the investment in ingenie were satisfied by the issue of 71,642,850 Quindell shares, increasing the Group's ownership from circa 19% to circa 43%. Based on the agreed valuation of GBP50 million for ingenie, the transaction gives an implied value of GBP0.175 per Quindell share. 

Company Quote

167.75
-2.0 -1.18%
12:24pm EDT