Quindell to make a new start with name change to Watchstone Group – as it seeks shareholder approval for £414m capital return
After 18 months of horror, insurance claims processor Quindell is after a new start: the company today said it was seeking shareholder approval to change its name to the decidedly austere-sounding Watchstone Group.
Quindell announced the plans for its new identity in a statement this morning, although it didn't give shareholders much of an indication why. Perhaps it's something to do with the past 18 months, during which its share price has fallen from more than 600p to just under 100p now.
In today's statement it also confirmed its plans to return £414m to shareholders – that's 90p per share. After the return, the company will hold £90m in cash.
Shareholders seemed less than impressed, with shares in the company falling 1.7 per cent to 96.06 in early trading – although that's a far cry from the double-digit drops the company regularly experienced this time last year…..