Quindell share price dips slightly after it issues more shares

 
Jessica Morris
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Quindell sold more shares (Source: Getty)

Shares in the embattled insurance outsourcer Quindell were trading down 0.2 per cent at 127p today after it said it had issued over four million new ordinary share.

This was after Quindell said it had issued 4,012,694 new ordinary shares, being remainder of deferred equity consideration payable to sellers in respect of acquisition of iter8.

The company's acquired iter8, now part of its telematics arm which collects data on drivers habits for insurance purposes, in a cash and share deal in 2013.

Quindell initially paid £2.5m cash, followed by an additional payment of £2.5m cash in April 2014, and then the issuance of 19m Quindell shares over three years.

Shares in Quindell were trading down 0.2 per cent at 127p in late morning trade today.

Quinell recently sold its professional services arm, which had accounted for around 90 per cent of the company, to Australian law firm Slater & Gordon for £637m in cash.

It had a torrid time since April 2014, when the company was accused of having "magical... paper profits" by mysterious short-seller Gotham City Research last year.

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