Quindell shareholders today gave the go-ahead for the sale of its professional services division to listed Australian firm Slater and Gordon.

The board announced that following a meeting of shareholders in a Southampton hotel the resolution to approve the disposal, in a deal valued at £637m, was duly passed.

The resolution remains conditional on the approval of the Solicitors Regulation Authority and the Financial Conduct Authority, with Quindell expected to make further announcements in due course.

Meanwhile, ahead of the meeting, investment vehicle Quob Park Estates, which claims to be a ‘core shareholder’ in Quindell and is led by its former chairman Rob Terry (pictured), said the division is worth more than the £637m offered by Slater and Gordon.

In an update on its website, Quob said Terry’s view is that AIM-listed Quindell should be trading at more than 200p per share – as opposed to the 133p per share it currently fetches.

Nevertheless, the company said it intended to vote in favour of the deal to sell the professional services division to Slater and Gordon when shareholders met at the hotel.

The Quob update said: ‘We view the deal as undervalued, based on a circa 7 x PE of the road traffic accident-related work of Quindell whilst Slater and Gordon trades on circa 21x PE.

‘Incidentally Quindell itself should have been able to attract a similar multiple and would have meant that those assets being sold alone would have effectively supported the total peak valuation of Quindell of £2.4bn, even without the upside from noise-induced hearing loss work.

‘Considering both the unprecedented shorting attack that the company and shareholders have endured over the past year and the ability of the management and future board structure that is now to be in place to deliver on this underlying value, we consider the proposed agreement to be in the best interests of Quindell shareholders at this juncture.’

The sale will see an initial £500m returned to Quindell shareholders, as well as future revenue from around 53,000 industrial deafness claims.

Terry left his position as chairman of Quindell last November.