BRIEF-Quindell says CEO to step down if Slater and Gordon deal goes through
March 30 (Reuters) - Quindell Plc :
* Proposed sale of professional services division
* For an initial cash consideration of 637 million pounds and further contingent cash consideration payable in respect of future settlement of its clients' noise induced hearing loss ("NIHL") cases
* Today entered into a conditional sale and purchase agreement to dispose of professional services division ("PSD") to Slater and Gordon Limited
* Board also announces a clear strategy for group should disposal complete
* Quindell will be focused on its range of technology businesses with strong growth potential, disposing of non-core businesses and returning proceeds to shareholders
* Majority of cash proceeds from disposal to fund substantial return of capital to shareholders, expected in second half of 2015
* Board will take appropriate action to deliver shareholder value from non-core assets
* Total cash amount payable to Quindell is approximately 649 million pounds.
* Should disposal complete, Robert Fielding, group chief executive officer, will resign from board Source text for Eikon: Further company coverage: (Bengaluru Newsroom; +44 207 542 1810)
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