Quindell buys remaining stake in PT Healthcare Solutions

9th Sep 2015 09:19

(ShareCast News) - Beleaguered insurance technology company Quindell has agreed to buy the remaining 50.1% stake that it does not already own in Canada's PT Healthcare Solutions.Under the terms of the deal, which is expected to complete in mid-October, Quindell will issue 9.47m ordinary shares of 15p each.On 26 September 2013, Quindell announced that it had acquired a 26% interest in PT Health in consideration for the issue of 2.1m shares. In addition, it announced that it had agreed a put and call option with the vendors of PT Health, allowing Quindell to acquire the remaining 74% of the company subject to certain conditions.On 31 March 2014, Quindell bought a further 23.9% stake in PT in consideration for the issue of 6.7m shares.For the period from 1 April 2014 to 31 December 2014, PT Health reported revenue of CDN$38.7m or £19.1m, a net loss of CDN$20.7m or £10.2m and a loss adjusted for non-recurring items and before tax of CDN$2.8m or £1.4m.Quindell is currently being investigated by the Serious Fraud Office over its accounting policies.At 0926 BST, Quindell shares were down 0.4% at 98.58p.