Quindell buys remaining stake in loss-making PT Health

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Troubled insurance outsourcer Quindell has acquired the remaining 50.1 per cent stake in Canadian rehabilitation provider PT Healthcare Solutions. 
 
Quindell is issuing nearly 9.5 million shares for the acquisition, which is expected to close in mid-October. The deal will require approval from two-thirds of votes cast by holders of PT Health's common shares. 
 
The PT Health board has unanimously approved the transaction and recommends that PT Health's common shareholders vote in favour of the arrangement. All of the directors and executive officers of PT Health have signed agreements to vote their shares in favour of the transaction.  
 
PT Health is currently treated as a subsidiary of the group and consolidated into the group's accounts. Following the takeover it will become a wholly owned subsidiary of Quindell.
 
Last financial year to 31 December, PT Health reported a revenue of CDN$38.7m (£19.1m) and a net loss of CDN$20.7m (£10.2m). 
 
It has net assets of CDN$41.8m (£20.6m).