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Prices & Quotes - UK Markets - Watchstone Group (WTG)

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Share Price:
52.10p
Change Today:
0.000p
Market Cap:
23.87m
Sector:
Software & Computer Services

Watchstone agrees sale of Quintica for 1.35m

By Michele Maatouk

Date: Monday 07 Mar 2016

LONDON (ShareCast) - (ShareCast News) - Insurance technology company Watchstone Group, formerly known as Quindell, has agreed to dispose of Quintica Holdings Limited to Quintica International Holdings for around 1.35m.
Watchstone will be entitled to additional consideration in the event that Quintica is disposed of by QIH in the year following completion of the deal.

Following a review of the business, the company concluded that Quintica - a reseller and integrator of software to the telecoms industries - was non-core, as it does not fit with the group's current strategy and focus and due to its historical performance and associated cash funding requirements.

"Against that backdrop, the board believes a disposal is in the best interest of the group," it said.

Under the terms of the agreement, Watchstone will receive 1m in cash, with 500,000 payable immediately and the rest due by 1 January 2017, plus the repayment of intra-company debt of $500,000 (350,000).

At 0814 GMT, Watchstone shares were up 0.8% to 216.69p.

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WTG Market Data

Currency UK Pounds
Price 52.10p
Closing Price Change 0.000p
52 Week High 180.75p
52 Week Low 46.00p
Volume 0
Shares Issued 45.82m
Market Cap 23.87m

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WTG Dividends

  Latest Previous
  Final Final
Ex-Div n/a 09-Apr-14
Paid n/a 02-May-14
Amount 0.000p 1.50p

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