Quindell Share Discussion Threads

[nicky name] 02/2/2016 10:41

If you say so Tom

Man up and post under your name?

[junior doctor] 01/2/2016 14:44

And the rest!

[nicky name] 04/1/2016 13:56

??????

what a strange man you are 'IOPABBM'

why are you so interested?

[leopold555] 22/12/2015 09:36

Got to admire Rob Terry walking off into the sunset with £29m in his back pocket, Wonder how his fish and chip consortium is doing in Canada and will he will float it as an IPO in 2016?

[dasv] 18/12/2015 15:26

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.

[dasv] 17/12/2015 15:21

SGH is toast

[andy] 15/12/2015 09:47

Soul,

If that is true (I'm not doubting it) then surely it is material and should be RNS'd?

And I presume this has been done now so that representation can be made in the court tomorrow against the approval for the distribution of funds?

Because if not it won't matter as the funds will be gone!

And if the SFO are investigating, surely any distribution should await their say so?

I did wonder whether they requested a suspension from tomorrow in case there is a legal challenge that prevents the distribution. If the distribution goes ahead, why would they expect "volatility in the stock"?

[dasv] 01/12/2015 13:01

"Yet again SGH have mentioned in articles there were no unknown issues with the PSD acquisition, just that it was a bigger job and more complex to integrate than originally expected"

understatement of the year. And totally inaccurate to boot.

The changes to UK law for personal injury claims will destroy the business model. That was well flagged but apparently news to SGH.

[witteklip] 29/11/2015 01:54

Write to your MP now to stop the alleged Pig Fxcker murdering more people.



Delete the pre-written text - write your own entry.

[nicky name] 29/11/2015 01:26

prepare to be astonished Andy

[haywards26] 28/11/2015 13:29

YLF have confirmed that they have no interest in blocking the distribution. I would be very surprised if court approval was not granted at the first attempt.

Yet again SGH have mentioned in articles there were no unknown issues with the PSD acquisition, just that it was a bigger job and more complex to integrate than originally expected, which is often the case with large corporate acquisitions. So escrow money highly expected later in 2016, no matter what happens to SGH themselves.

[andy] 28/11/2015 09:49

Hayward,

"fall" is a poor word to use where QPP are concerned!

SGH looking like a disaster area now, how much more will it fall?

I will be astonished of some sort of legal challenge doesn't come in before the distribution, and if it doesn't, it may suggest something else.....

[haywards26] 27/11/2015 15:11

There is a time for the news to be released..let the CR be completed and the new year begin, then the turnaround can gather pace. Don't think the new bod and CEO specifically have been idle this last 80 days. Especially not with cash in the bank, zero debt and operational entities in high growth markets.

Let the jigsaw pieces fall into place and the picture shall become clear for all.