NATIONWIDE SAYS DISCUSSIONS WITH QUINDELL WERE "CONCEPTUAL IN NATURE"

UK-based accident repair services provider Nationwide Accident Repair Services (NARS) has confirmed that it had held an initial meeting with representatives of insurance services firm Quindell Portfolio to present NARS' interim results, following the announcement on Friday that Quindell Portfolio had raised its stake in NARS by 2.8% to 25.3%. NARS said that "although the potential opportunities for both companies to work together in the future were raised, such discussions were limited and conceptual in nature". Quindell stated on Wednesday that it had obtained a 22.5% stake. it said Friday that it hoped to increase its stake in NARS to 29.9%. All the shares to date have been bought via the issue of new Quindell shares. Quindell executive chairman Rob Terry said that “As previously stated, having a direct ownership stake in a repair services network will enable us to take advantage of the volume we manage for our clients". NARS said this morning that "Quindell also reiterated that, whilst it wishes to achieve a 29.9 per cent interest in Nationwide's share capital, it has no current intention of making an offer for the entire Company". However, that statement does not bind Quindell under Rule 2.8 of the Takeover Code.