Quindell’s telematics arm in demand
Quindell’s shareholders voted on Friday to sell its legal division to Slater and Gordon for £637m, leaving the telematics operations to form the bulk of Quindell.
Following the passing of the Resolution, the disposal remains conditional upon:
-the approval of the Solicitors Regulation Authority; and
-the approval of the Financial Conduct Authority(FCA).
The company has now received a takeover approach for most of its remaining business from the financier Edmund Truell.
It is thought that the approach has been made through Tantalum, a part of Truell’s Disruptive Capital Finance umbrella which is working on the development of car monitoring technology.
However, Quindell also highlighted its telematics units Himex, iter8 and Ingenie as particularly strong parts of the remaining business.
Quindell and Tungsten spokesmen declined to comment on the takeover interest, which was first reported by the Financial Times. The newspaper said the approach values the parts of the business at up to £60m.
Quindell’s interim chairman David Currie told investors on Friday that the company was not in detailed talks over the disposal of other assets and that the filing of 2014 results was some months away.
Rob Terry, the Quindell founder who was ejected from the board last year, voted in favour of the Slater & Gordon sale despite saying that the terms undervalued the busines.
Quindell’s shares tumbled from 240p last year after criticism from Gotham City Reaseach, but have managed to recover to 127.75p so far.