Quindell plan on name change

Insurance technology company, Quindell, is planning to change its name to Watchstone Group, pending shareholder approval.

The firm is also planning a 10-for-one share merger and a reduction of shareholder capital as part of the previously announced £414m payment to shareholders. A general meeting will be held on 26 November to allow shareholders to vote on the planned changes.

Quindell has previously hinted at changing its name, the firm hopes that the change will help make a break away from its troubled past and allow it to move forward under new chief executive Indro Mukerjee.

The company said, ‘The board considers that the current issued share capital of the company is considerably higher than similar sized companies on AIM and believes that this negatively affects investors’ perception of the company.’