7th Nov 2014 10:52
LONDON (Alliance News) - Quindell PLC Friday said that a company controlled by Non-Executive Director Steve Scott and his immediate family has bought 175,000 shares in the company at GBP1.2088 per share, in a move funded by the previously reported loan facility provided by Equities First Holdings LLC.
According to Quindell, Scott and his family now have a stake in 5.8 million Quindell shares, or a 1.33% of the company's share capital in issue, following the purchase by Bickleigh Ridge Ltd.
News of the acquisition comes two days after Quindell said that Chairman Robert Terry, Finance Director Laurence Moorse and Scott together acquired just shy of 1.6 million shares in the company.
Under the terms of the loan facility, which has funded the recent share purchases, Quindell's directors have put up as many as 52.0 million shares as security.
Quindell shares were flat at 120.00 pence on Friday. They are down about 59% in the year to date, with a slump taking hold following the publication of a report by short-seller Gotham City Research LLC that was critical of the company.
By Samuel Agini; [email protected]; @samuelagini
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