Quindell prepares for £415m repayment
Quindell is preparing to return £415m to shareholders in December in what it calls a ‘prudent and appropriate move’.
The board of directors of Quindell plc has decided to pursue a two stage distribution of 100 pence per share, with an initial, Court approved, capital repayment to shareholders of 90 pence per share.
The Board’s intention is to make the second stage payment to shareholders of a further 10 pence per share in cash following the anticipated release at the end of 2016 of the £50m (which would represent approximately 11 pence per share) warranty escrow put in place as part of the disposal of the Professional Services Division. Quindell stated it will ‘seek to make this payment to shareholders in a tax and cost efficient manner.’
