26th Sep 2013 13:37
LONDON (Alliance News) - Quindell Portfolio PLC announced Thursday that it had made a 26% investment in Canadian healthcare and rehabilitation services company, PT Healthcare Solutions Corp, with an option for acquisition.
Quindell, a software and consulting services company, issued 31.5 million shares to satisfy this acquisition, which it says will extend its presence in the North American insurance market. Additionally Quindell agreed to a put and call option with the vendors of PT Health which allows it to acquire the remaining 74% interest in the company at any time before April 1 2014, conditional upon its performance.
This acquisition will be satisfied by the issue of up to 242 million Quindell shares.
"This investment and potential acquisition is in line with our core strategy of only paying for the existing business we acquire and not for the effect we can have on those businesses by bringing additional volume or improving it with our technology, thereby underpinning significant earnings growth and strong return on capital for our shareholders," said Executive Chairman, Rob Terry, in a statement.
Shares in Quindell were trading down 0.14 pence at 16.86 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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