Watchstone sells PT Healthcare Solutions for initial $36.2m

Writer,

Archived article

Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.

Technology group Watchstone said Canadian subsidiary Quindell Services had agreed to sell subsidiary PT Healthcare Solutions for an initial sum of $36.2m (£22.3m) to LM Holdings.

Quindell Services would be due a further up to C$0.8m (£0.5m), conditional on the business generating target revenues in the first year after its acquisition.

Sale proceeds would be kept on deposit and managed prudently until a distribution to shareholders could be effected,' Watchstone said.

'As previously announced, no distribution of capital will be made to shareholders of Watchstone until the Slater & Gordon litigation has been resolved,' it added.

At 9:34am: (LON:WTG) Watchstone Group Plc share price was +7.85p at 100.85p