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ABS news: Quindell to raise £26.5 million

Quindell Portfolio Plc (AIM: QPP.L) a provider of sector leading expertise in software, consultancy and technology enabled outsourcing in the insurance, telecommunications and related sectors – and best known in the legal sector as the owner of the law firms Silverbeck Rymer and Pinto Potts – today announced it has entered into a placing agreement with Cenkos Securities plc to raise £26.5 million through the placing of 203,846,154 ordinary shares of 1p each at a price of 13p with new and existing institutional shareholders. The company intends to use the proceeds from the Placing to fund its working capital requirements for the contracts that it believes will be entered into in the near term.