9th Jan 2015 11:32
LONDON (Alliance News) - Quindell PLC said Friday it is seeking a permanent chairman and new board members.
The company said that, in response to recent speculation over the appointment of a new chairman, discussions are taking place with individuals, but "there can be no certainty that any appointment will be made imminently and further announcements will be made as appropriate."
A report in the Daily Mail's 'This is Money' on Thursday said that rumours were rife before the market close that Jim Sutcliffe, chairman of the Financial Reporting Council's Codes and Standards Committee, will soon be named chairman of the company.
Former Chairman Robert Terry resigned last November amidst a furore over a series of loan-for-stock dealings done by directors of Quindell. Non-Executive Director Steve Scott also stepped down in November, and Finance Director Moorse is stepping down after the 2015 annual general meeting.
It appointed Independent Non-Executive Director David Currie, the former head of investment banking at Investec PLC to take up the chairman role on a temporary basis on a non-executive basis, while Robert Fielding remained chief executive. Fielding took on the role in June 2014, when founder Terry relinquished the dual role of chairman and chief executive.
On Thursday the company saw its shares rise after a filing to the London Stock Exchange showed that UK hedge fund Toscafund Asset Management LLP had taken up a stake of just over 5% of the business. This makes Toscafund the second-largest institutional shareholder in the company, according to Morningstar, behind Prudential PLC.
Shares in Quindell are trading up 2.2% at 82.76 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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