Quindell Portfolio (QPP) - Agreement and Investment in 360 Globalnet Ltd RNS Number : 2255Y Quindell Portfolio PLC 28 February 2012 RNS Release Embargoed until 7.00 am 28 February 2012 Quindell Portfolio Plc ("Quindell" or the "Group") PARTNERING AGREEMENT AND INVESTMENT IN 360GLOBALNET LIMITED Cash and shares issued at a circa 11% premium on yesterday's closing price Key Appointments to Strategy and Integration Advisory Board Quindell Portfolio Plc (AIM: QPP.L), the brand extension company and a leading practice provider of consultancy, software and outsourcing in its key markets, is pleased to announce that it has entered into a Partnering Agreement ("Agreement") with 360GlobalNet Limited ("360"), the ultimate parent of the 360 group, whereby each company will promote and, where applicable, distribute the others' products and services, working together in all areas of motor and property insurance excluding subsidence where Quindell will separately promote its own product offerings. 360 is an innovative technology and consultancy company with specialisms in the business use of video, and rapid data-mining of all data formats with particular emphasis on fraud prevention and compliance monitoring within the financial sector. It works with major global brands within the financial services and insurance sectors and their related supply chains. As part of the Agreement, Quindell has also increased its ownership in 360 from 3% to 19% for a total consideration of £2.15 million. The consideration, all of which will be paid into 360, comprises £0.9m in cash and 16,666,667 newly issued Quindell shares at a price of 7.5 pence per share, representing a premium of circa 11% on yesterday's closing price. The shares are subject to 12 months lock in. 360's Board comprises Paul Stanley (Chairman and Chief Executive), Mark Jones and Doug Brown. Going forward, both Paul Stanley and Mark Jones will be participants in the Group's newly formed Strategy and Integration Advisory Board. Paul has significant experience in the insurance industry, previously working with groups including Royal Insurance and Direct Line where he won Post Magazine's claims manager of the year. Paul is a serial founder of successful companies specialising in outsourcing, data technology, perils modelling and geographic information systems. The sale of his previous companies, Infront Solutions Limited, Addressology Limited and Conversant Data Limited (founded with Mark Jones), to The Innovation Group plc were negotiated by current members of Quindell's management team. These transactions typically followed the taking of an initial minority holding by The Innovation Group plc. Infront Solutions Limited was recently awarded the contract to handle all of Royal Bank of Scotland Insurance's newly notified subsidence claims, estimated to contribute approximately £40 million to its revenue over its three-and-a-half year life, and in 2007 won a five year contract to service Royal and Sun Alliance's subsidence claims worth over £30m. Mark Jones has previously held senior management and consultancy roles at Natwest, Abbey, Royal Bank of Scotland, Direct Line and EMB the global actuarial firm (now Towers Watson). Mark has also been a non-executive director of CIFAS, the UK's fraud avoidance service for approximately 10 years and has chaired a cross section working group on the use of automatic number plate recognition technology within the private sector along with various other industry and Government groups. He is an acknowledged expert on financial crime prevention, detection and investigation, risk management and customer profiling. Doug Brown has over 18 years of Financial Services experience having held a variety of senior management and consultancy roles at companies including Wipro, PWC, IBM, and Zurich Financial Services. Whilst at Ernst and Young, as the Head of the UK Insurance Claims Practice, he designed and managed a World Class Performance Improvement Accreditation Program for a major UK financial institution handling £3 billion worth of cases per year. An additional option has also been agreed, expiring on 27 February 2013, that gives Quindell the opportunity to increase its holding to 25.1% of the then issued share capital of 360 by the payment in to 360 of a further £2.5 million in cash irrespective of how many new shares are issued by 360 for example in acquiring new companies or incentivising its employees. Application has been made for the 16,666,667 Ordinary Shares of 1 pence each to be admitted to trading on AIM. Admission of the shares is expected to occur on 3 March 2012. Following Admission Quindell will have 2,567,128,096 Ordinary Shares in issue. Rob Terry, Chairman and Chief Executive of Quindell said: "Since the announcement of our strategic alliance with 360GlobalNet in June 2011, 360GlobalNet has been building a strong brand in the financial services sector with their innovative decision-support technology, products and services. This success has led us to step up our involvement and invest in the business. Their technology combined with our own has the potential to revolutionise the way in which the global financial services and insurance businesses are run. We believe the combined proposition is truly ground-breaking." Paul Stanley, Chairman and Chief Executive of 360GlobalNet Limited said: "I am delighted to be announcing this important development in our respective Group's relationship. 360GlobalNet's technology has the capability to change industry practice. Quindell's ability to demonstrate thought leadership within the insurance industry is similarly impressive as clearly demonstrated by their recent acquisition program which puts them in a unique and enviable position to bid for outsourcing work over the coming nine to twelve months in an industry that is undergoing significant change. As a result, our fit with Quindell's existing software, consulting and technology enabled business process outsourcing services is extremely compelling." For further information: Quindell Portfolio Plc Tel: 01329 830 501 Rob Terry, Chairman & Chief Executive firstname.lastname@example.org Tel: 01329 830 543 Laurence Moorse, Group Finance Director email@example.com Cenkos Securities plc Tel: 020 7397 8900 (Nominated adviser and broker) Stephen Keys /Adrian Hargrave (Corporate Finance) Alex Aylen / Andy Roberts(Sales) Media Enquiries RedleafPolhill Limited Tel: 020 7566 6720 Rebecca Sanders-Hewett firstname.lastname@example.org Jenny Bahr Quindell Portfolio Plc Gillian Baker, Investor relations Tel:01329836724 email@example.com Tracey Terry, Chief Communications Officer Tel: 01329 830 501 firstname.lastname@example.org Notes to Editors: About Quindell Portfolio Plc Quindell, the Brand Extension Company, helps its clients and partners to utilise their brands enabling them to achieve greater sales, provide better service and extend the brand into new product offerings and alternative routes to market. The Group works with over 2,000 brands from SMEs to blue-chips around the globe, with solutions applying to the following Sectors & related Supply Chains: · Telecoms, Utilities, Retail & E-commerce · Finance, Insurance, Health & Legal · Government & Public Sector Quindell Portfolio joined the market through Mission Capital Plc. The Group was readmitted to the market on 17 May 2011 following the acquisition of Quindell Limited. On 18 July 2011, the Company was renamed Quindell Portfolio Plc. In December 2011, Mobile Doctors Group Plc was acquired increasing run-rate revenue to over £50 million and staff levels to over 600 including our off-shore capability. Our Solutions In addition to extending our clients' brands, Quindell's solutions are focused on generating improvements in efficiency and effectiveness in sales and service transactions with savings of over 20% against industry norms achieved. Our Consultancy drives the business transformation for our clients, and is supported by leading edge technology, outsourcing, membership schemes and social media via repeatable solutions. Our Software provides cloud based industry solutions to deliver the necessary framework to meet online, office and field based sales and service expectations of our clients and their customers. Our "Sales" Technology Enabled Outsourcing leverages our own Business & Home Advisory Service brands to provide a White Labelled proposition for partners to extend into offerings for Telecoms, Utilities, Finance, Insurance, Health and Legal Services. Our "Service" Technology Enabled Outsourcing covers a broad range of solutions and in insurance, already recognised as a market leader for independent medical evidence via a panel of circa 2,500 medical experts providing circa 11% of reports for UK Personal Injury claims. For further information, please visitwww.quindell.com About 360Globalnet Limited The 360GlobalNet group of companies specialises in the research and development of decision support technology to enable organisations to cost effectively manage and asses risk. Our product offerings and services include: 360 Link-Up - The provision of sophisticated real-time access to secure data matching, mining and case management technology to enable organisations to identify risk, fraud and poor compliance through modules comprising rules, visualisation, management information, data, document searching and investigation. 360Siteview - a highly developed mobile video system for business requiring no software download. With all processing performed in the cloud, 360Siteview can stream events and situations from "out there" live to your desktop or loaded to the web for later retrieval. 360Siteview operates on any device; Smartphones, Tablets, PC's (inc Apple) and virtually any operating system so your customers can send you information from their phone live or to the web and manage their own admin. Users see any event or situation without being there or sending people out. 360Skylens and 360connectandsee - We market visually and globally with our own video production suite. Plus we also run a fleet of UAV's (unmanned aerial vehicles) to capture imagery and Mobile Incident Units - Vans with internal 20' masts with a full broadcast camera on top. 360Cerberus - The closed user, cross sector, industry data sharing model of proven fraud as deployed by the South African Fraud Prevention Service www.safps.org.za 360 Intellimation - The sourcing and supply of risk assessment and regulatory data for screening. For further information, please visit www.360Globalnet.com This information is provided by RNS The company news service from the London Stock Exchange END MSCSEEFAWFESEIE -0- Feb/28/2012 07:01 GMT
Quindell Portfolio QPP Agreement and Investment in 360 Globalnet Ltd
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