Quindell shareholders approve Slater & Gordon deal

The deal still remains conditional on approval of both the UK Solicitors Regulation Authority and the Financial Conduct Authority.

Once Quindell sells its professional services unit, which accounts for around 90% of the group’s business, it has pledged to return up to £500m to shareholders, or around £1 per share in the second half of 2015.

After completion, the AIM-listed company, which earlier this month appointed a new finance director and has begun the search for a new chief executive as current CEO Robert Fielding is moving to Slater & Gordon upon completion of the deal, will be focused on its insurance technology business.

The deal ends a difficult year for Quindell, since the New York-based short-seller Gotham City Research questioned Quindell’s financial health last April. Quindell has also suffered from the sudden departure of its founder Rob Terry following a share-dealing scandal.

Quindell $QPP gains shareholder approval for disposal, subject to regulatory. Current share price values rump at ~15p!, well better than 0p!

— Sandy Middlemas (@SandyMidd) April 17, 2015