15th Nov 2013 09:38
LONDON (Alliance News) - Software consultancy and technology company Quindall Portfolio PLC Friday said it raised GBP200 million through a placing of 1.3 billion shares at 16 pence per share, as it moves forward with its proposed name change
Quindell said it saw strong demand from both existing and new institutional investors, and the proceeds will be used to fund the working capital requirements of new contracts which are expected to be entered into in the coming months.
Quindell now has 5.45 billion share in issue.
The company also said it plans to consult shareholders on a name change to Quindell PLC.
"The directors believe that this change reflects the company's focus on the integrated provision of sector leading expertise in software, consultancy and technology enabled outsourcing in insurance, telecommunications and their related sectors and is consistent with the company's overall positioning", it said in a statement.
The stock was trading at 16.47 pence Friday morning, up 0.47 pence or 2.9%
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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