Quindell completes Canadian physiotherapy purchase

Small cap favourite Quindell, which recently confirmed it intended to pay a 90p-per-share special dividend in December, bought 26% of PT in return for 2.1m shares in September 2013, agreeing a put and call option with the vendors to acquire the remaining 74% of the company subject to certain conditions.

After snapping up a few more shares last year and further more this September, the AIM-quoted outfit, which is still being investigated by the Serious Fraud Office over its accounting policies, has now issued the final 9.36m new shares to PT's owners, which is less than the 9.47m as some shareholders will be paid a cash amount.

For the period from 1 April 2014 to 31 December 2014, PT Health reported revenue of CAD$38.7m (£19.1m), a net loss of CAD$20.7m and a loss adjusted for non-recurring items and before tax of CAD$2.8m.

Quindell's new chief executive Indro Mukerjee, the ex-Philips Semiconductors executive who joined in early September, said he plans to share his "outline strategy" around the turn of the year, after working "quickly and methodically on the group's opportunities and challenges".

Recent interim results showed a pre-tax loss of £35.46m on revenue of £35.33m.