13th Mar 2015 12:51
LONDON (Alliance News) - Quindell PLC Friday said it has issued 832,946 new shares on the way to taking full ownership of Navseeker Inc, with the shares buying a further 8.33% stake in the US company.
Navseeker will become wholly-owned by Himex, a Quindell subsidiary.
"As part of the process to achieve full ownership of Navseeker, the company further announces that it has today issued 832,946 new ordinary shares of 15p each in the company, in respect of the acquisition of a further 8.33% of Navseeker not already held by the company," Quindell said in a statement.
On March 5, Quindell said it had reached a litigation settlement in the US over Navseeker.
On that date Quindell had said it would acquire the 11.67% of Navseeker it didn't already own. According to Quindell, that 11.67% stake is partly owned by non-litigants. It had also said it would acquire the shares in Navseeker held by the plaintiffs in the litigation for 684,770 new shares. In addition, Quindell had said it would pay USD1 million to the plaintiffs.
Quindell was not immediately available for comment.
Quindell shares were down 1.3% at 98.23 pence shortly after 1200 GMT on Friday.
By Samuel Agini; [email protected]; @samuelagini
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