Quindell share price rises as it denies plans to sell off Nationwide Accident Repair stake
Shares in beleaguered insurance services provider Quindell rose at much as eight per cent in early trading as it quashed rumours it had attempted to sell off its 25 per cent stake in Nationwide Accident Repair Services.
The statement, issued to the stock market this morning, was in response to reports that Nationwide's broker, Westhouse, had been "quietly sound[ing] out" potential buyers for its stake in the company, which has a market cap of £49m.
This morning The Times reported that shares in the company rose 2p to 74.5p yesterday, although Westhouse had been offering shares "at a hefty discount, obviously".
But Quindell said this morning that "contrary to speculation, it is not actively seeking to sell its shares" in Nationwide.
The speculation came after months of problems for Quindell, which saw its chairman resign earlier this week as investors lost confidence.
Shares in the company have plunged 80 per cent in the past three months, from a high of 210p to just under 44p. Although chairman Rob Terry's departure temporarily restored confidence, the company's shares ended yesterday more than 20 per cent down.
Here's what's happened so far:
