Quindell Dividends - QPP

Quindell Dividends - QPP

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Stock Name Stock Symbol Market Stock Type Stock ISIN Stock Description
Quindell QPP London Ordinary Share GB00BMTS9H89 ORD 15P
  Price Change Price Change % Stock Price Low Price High Price Open Price Close Price Last Trade
0.00 0.0% 97.75 0.00 0.00 0.00 97.75 01:00:00
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Quindell QPP Dividends History

Announcement Date Type Currency Dividend Amount Period Start Period End Ex Date Record Date Payment Date Total Dividend Amount

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dasv: Hhxxp://www.afr.com/business/legal/slater--gordon-faces-potential-class-action-amid-insolvency-claims-20151218-glqpag#sthash.YQH412uj.dpuf Slater & Gordon faces potential class action amid insolvency claims by Marianna Papadakis Slater & Gordon may be getting a taste of its own medicine. Law firm ACA Lawyers said it is considering a class action lawsuit against the embattled labour law firm on behalf of investors who may have lost money when its share price fell 90 per cent this year. ACA Lawyers principal Bruce Clark said he was investigating a shareholder class action against Slater & Gordon for potentially misleading investors over a capital raising for the $890 million acquisition of British-based Quindell's professional services division in March and a cancelled profit forecast this year. Separately, a small Western Sydney legal firm, Cox West Lawyers, lodged an urgent claim against Slater & Gordon for the payment of money because it says it fears the firm is insolvent. Slater & Gordon, which is traded on the share market, did not comment on the class action but a spokeswoman said the firm was not "near insolvency" as apparently alleged by Cox West Lawyers' legal representatives. TERMINATED She said one of the former principals of Cox West Lawyers, John Cox, was terminated from Slater & Gordon this week. She said the firm had no prior notice of the claim and was therefore not represented in court. "We regard the comments as highly inflammatory and designed to advance the applicant's position," the spokeswoman said. "As was outlined to Cox West Lawyers earlier this week, Slater and Gordon is and remains a financially viable organisation able to meet its financial obligations. "It is simply not appropriate for us to provide commentary on employment and acquisition agreement matters which are now before the court." Mr Cox confirmed to AFR Weekend he was sacked on Wednesday and has since engaged lawyers. "Without notice a series of allegations were put to me at a meeting. I categorically rejected each and every allegation put to me. Notwithstanding this I was immediately terminated," he said. "I continue to strongly deny any wrongdoing. I have personally retained and instructed Harmers Workplace Lawyers to formally commence proceedings on my behalf regarding my termination next week. "I note that the termination occurred at the time my company Cox West Lawyers was in dispute with Slater & Gordon." Slater & Gordon shocked investors on Thursday by abandoning a recently reaffirmed full-year forecast for 2016 of revenue in excess of $1.15 billion. The firm's chief executive, Andrew Grech, said on Thursday it was reviewing its approach to financial forecasting after worse than expected results from its British legal service business Quindells. LITTLE CONFIDENCE Mr Clarke said shareholders could have little confidence in the company's projections. Slater & Gordon's share price dropped around 86 per cent from after it sold new shares to the public on April 20 to the withdrawal of its forecast on Thursday, wiping $2 billion off shareholder value. At the time of the capital raising the company said the acquisition would improve earnings per share by 30 per cent in the first year, Mr Clarke said. "It is a publicly listed firm that should know better than most the duties of companies in regard to governance and keeping shareholders properly informed," he said. "Slater & Gordon should expect the same scrutiny as other publicly listed companies where they have instituted proceedings on behalf of shareholders." Lawyers for Cox West Lawyers, a small personal injuries and family law firm that was absorbed by Slater & Gordon just over a year ago, asked the NSW Supreme Court on Friday for an urgent payment from Slater & Gordon. QUICK DECISION Cox West's barrister, Ivan Leong, asked for a decision before Christmas. "We wish to assert a contractual right to get an injunction to a large sum of money paid into trust. We are fearful of the defendant being insolvent," Mr Leong said. "The defendant being insolvent?" NSW Supreme Court judge James Stevenson asked. "Slater & Go … well, I won't say the name," Mr Leong replied. Justice Stevenson ordered them to explain why the matter needed to be determined two days before Christmas and the general nature of the request by December 22. Slater & Gordon's shares have slumped 89 per cent in the past year following investigations into accounting practices and the performance of its Quindell's business. The Australian Securities and Investments Commission stepped up an investigation against the embattled legal firm following its Thursday earnings downgrade.
nicky name: solanki Slater and Gordon share price is higher than it was a week ago, even after the disappointment that the ASIC report still not concluded Slater's got PSD for a song! And Andy, one of the reasons for SGH share price depression, is that the short- trading cabal rolled over their positions in QPP into SGH it was an easy story to tell but in my opinion they have overlooked that Slater's got PSD cheap, valued future returns sensibly, and that in the end scale in the provision of legal services is key Slater's has great experience in acquisition and consolidation obviously PSD was a big one, and will take a little digesting I am a happy SGH shareholder, and looking forward to my capital return from QPP
elcapital: No doubt SGH wish they had never heard of QPP, just look at their share price...halving after nname buys in. SFO and FCA have been investigating, writedowns of four hundred million quid. You would have to be retarded to an extent of no return to think this is good, and TW was not totally justified and correct. Clearly bellend and nname fall into this category
geoffreen: says the current share price of QPP.
geoffreen: I've not been following QPP too closely for a while: Did TW ever advise his readers to close their shorts? If yes, where was the share price at the time?
geoffreen: IOnlyPostAfterBBMs, I'm not sure anybody is claiming that QPP's recent share price history constitutes a "victory" for the longs. Those who can claim "victory" are Tiger Global Management (and the other significant shorters) and Gotham. TW got it right some of the time and got it wrong some of the time. PS: the current share price is 102p. On a share price forecast of 0p, that call was infinitely wrong.
geoffreen: As Nicky Name has noted, TW was very wrong with his share price forecast of 0p for QPP.
amt: So S&G happy with acquisition and their share price down only 1% after initial fall. Probably same reaction for QPP. Surely any liabilities will arise from cases against Directors and Auditors not the company. If S&G are happy then no problem for QPP I would have thought. S&G will have had plenty of time to assess the acquisition by now. I look forward to one pound dividend so that should put a support level under the share price at about a quid with the rest of the business valued at less than nil until things become clearer.
goliard: I haven't read through all the posts here, but there seems to be a big problem for qpp if they have to restate the accounts. When S&G bought the claims division qpp would have had to agree pages and pages of warranties and indemnities in favour of S&G and that is perfectly normal in this type of deal. The most common of these is that the seller warrants that the accounts were accurate. Normally I would expect the new board at qpp to restate everything to the lowest acceptable level and just blame the old management, but qpp has a big problem with this. If they do that then S&G might have a huge claim against them because of the restatement. Of course it isnt as simple as that as everyone knew that some restatement was likely, so the sale and purchase agreement probably allowed for some restatement. However, if it is bigger than anticipated then S&G will certainly file a claim and try to get a big chunk of their money back. They would probably seek an injunction and freezing order to prevent qpp distributing cash until their claim was heard and it could get very messy. That is why I would expect qpp shares to drop considerably from here when they resume trading. None of us know what the sale and purchase agreement actually says, but what I have posted is what would normally happen. No doubt S&G directors are looking to cover themselves and blame qpp for their share price fall on this "bad deal" so a claim of some sort against qpp seems almost inevitable. And critically, these guys are lawyers, so they don't have to spend thousands on external counsel to start an action although no doubt they will still instruct outside counsel if things actually happen. Yet more of the qpp saga to unfold here, but it might work out better than expected for S&G if they get a lot of their money back. If I was a betting man I would short qpp (not that you can now) and go long S&G.
squire007: Directors talk Quindell,there isn’t even a CEO in place ......... YET .. lol Sat Jun 13, 2015 4:10 pm Quindell, there’s a good argument that what’s left after its Professional Services Division was sold to Slater and Gordon is seriously undervalued, and that the shares could be a screaming bargain now. In fact, once you deduct the cash being handed back to shareholders from Quindell’s market cap, there’s really no extra value attributed to the company itself. The problem with that is there’s no business strategy to examine right now and there isn’t even a CEO in place — and I certainly wouldn’t buy an unknown company on a blind hope, however cheap it might seem. Quindell (LSE: QPP) has been an astonishingly strong performer, with it racking up gains of 226% since the turn of the year. Of course, that comes after a disastrous 2014, when 85% was wiped off its valuation, with corporate governance issues and rumours of aggressive accounting hurting investor sentiment. However, with a new management team at the helm, the market appears to be warming to Quindell and, looking ahead, could it be a surprisingly strong performer? The Remains Of course, Quindell is a very different beast to the company that was in existence even six months ago. As mentioned, it has a new management team that includes individuals with excellent reputations and, while it is currently seeking a new CEO, it appears to be ready to make a clean break with its past and transform itself into a different kind of business. A key part of this strategy has entailed the sale of its professional services division, with the majority of the cash expected to be returned to the company’s investors. As such, Quindell is a mix of relatively small businesses (compared to the professional services division) and, looking ahead, it seems likely to concentrate on its telematics and technology divisions, which themselves were rumoured to be bid targets in recent months. Rebuilding Confidence Clearly, Quindell has not yet restored confidence in its business among all investors. This is perhaps understandable, since the director share sales, corporate governance issues and concerns surrounding its accounting practices (which were aggressive, but acceptable) left a cloud under the business. On the plus side for Quindell, though, is the fact that investors can be very forgiving if the financial performance of a company improves. So, if Quindell’s new management team can start to generate a strong return then it is likely that the market will warm to the company in a relatively short space of time. Future Strategy The difficulty, though, is that the investment case for Quindell is very opaque. In other words, the company has no CEO, has just sold off its major division, has a questionable track record when it comes to corporate governance, and its strategy appears to be undecided at the present time. Clearly, this is a company that is experiencing a major transition in a very short space of time and, while the new board appears to be doing all of the right things, it seems to be a little premature to invest in the company – especially when the exact products and services it will supply are yet to be set out in stone. Surprising Performance However, this does not mean that Quindell will fail to surprise us. On the contrary, Quindell could very well deliver stunning share price growth in future and put its ‘annus horibilis’ behind it. It could focus on telematics and technology, bring in a superb CEO and rebuild investor confidence through a rising share price.
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