Share Name Share Symbol Market Type Share ISIN Share Description
Quindell LSE:QPP London Ordinary Share GB00BMTS9H89 ORD 15P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 97.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment & Services 72.02 -238.03 -87.89 444
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 97.75 GBX

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dasv: Hhxxp:// 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.
soul limbo: Slater and Gordon: Uncertainty over law firm's future, or survival, as share price dives By Stephen Long Updated 54 minutes ago Is one of Australia's oldest and most famous law firms — and the first in the world to list on a stock exchange — going broke? Slater and Gordon's share price fell precipitously today, its shares closing at 94 cents — a fall of more than 50 per cent and a monumental tumble from its highs of close to $8.00. The fall put the company's market value at just over $300 million, about a quarter of what it paid the British professional services firm Quindell in an ill-fated purchase just eight months ago. The catalyst was regulatory change in the UK on traffic accident compensation, but the underlying issues go deeper. Slater and Gordon's market capitalisation has now been eclipsed by its debt of more than $700 million and rising. The firm raised nearly $900 million, mainly from institutional investors, to fund the purchase of Quindell, and also borrowed more than $350 million from a syndicate of banks. The bankers might be poring over the books now. Implications of collapse would be dire If Slater and Gordon were to go broke, the implications would be dire. It is one of the largest plaintiff law firms in the world. A collapse would place thousands of clients in limbo, and potentially create havoc for the legal systems of Australia and the United Kingdom, where Slater & Gordon has expanded aggressively in recent times. It would also be an ignominious and ironic end to a law firm with a proud labour movement history. It has been more than 80 years since Hugh Gordon and William Slater founded the firm. Operating from a small room in the Australian Railway Union's building on Bourke Street in Melbourne, the firm was a champion of workers' rights from the outset, pioneering claims on workers' entitlements and workplace injury. Slater and Gordon gained public notoriety and acclaim when it took on the asbestos industry, first CSR over its deadly blue asbestos mines in WA, then James Hardie, acting pro-bono for the ACTU and asbestos support groups in the James Hardie Commission of Inquiry. Social justice mission waning But the emphasis on social justice has waned since the law firm took what it described as the "bold" step of publicly listing. Lawyers who have left speak of being pressured to settle cases, against the interests of clients, to bring cash in the door. Quindell, which it so disastrously acquired, has been under investigation in the UK for accounting fraud. Slater and Gordon's own accounts have also been under scrutiny by ASIC and analysts amid concerns a constant stream of acquisitions have hidden problems in the business. On the face of it, Slater and Gordon's debt is well covered by its current assets, until you drill down and look at the nature of those assets. Less than $100 million of its reported $1.3 billion in current assets is cash or equivalents. A total of $620 million is receivables and much of it — $553 million — is work in progress, or "WIP". There have long been doubts about Slater and Gordon's estimates of how much work in progress will convert into hard earnings and cold cash. As the "WIP" has expanded via acquisitions of other law firms, Slater and Gordon has been able to state rising accounting profits, but cash profit has been thin on the ground. The collapse in the share price will have shareholders looking for answers. In recent times, the class actions the firm was once famous for have become few and far between. But, it is possible that Slater and Gordon could soon be at the centre of a class action again — this time as the defendant.
solanki2000: This is not a qpp thread it's a generic thread to weed out idiots so if we want to discuss slater we will as it's linked to qpp, and will still effect it's future and 10p dividend which qpp board know themselves they won't be getting from slaterNicky you've still not explained why you believe qpp did a firesell and the need to if it was sound company. You can't hide your head in the sand from this one and me even though you can continue to do so with slater
ionlypostafterbbms: Some amusing comments from Steamy's Blueshare / QPPSAG forum, including one from the Sage of Blueshare himself. Seems nothing at all was learned from the QPP debacle. Steamy, 41 minutes ago Founder of QSAG & Co-Founder of BlueShare This looks like 6 months of pain for holder here. This is a very very cheap company now, any sign of shorts closing I will be looking to take a position. ================================= Another genius, anxious to jump out of the frying pan into the fire adds: rodrod1, 14 minutes ago Member Moderator Now where's me QPP cash payout? Off to the EGM to make sure it all goes through as bargains like this are amazing for the longer term.
nicky name: jarbie 21 Nov'15 - 20:59 - 37537 of 37538 0 0 Whichever way you look at it the share price at 98p with capital return of 90p is near enough in value to 0p Name change will not compensate for 1 for 10 consolidation it will only give room for further share price drop interesting 'logic' there jarbie I will get 90p cash, but in fact I am getting 0p?
jarbie: Whichever way you look at it the share price at 98p with capital return of 90p is near enough in value to 0p Name change will not compensate for 1 for 10 consolidation it will only give room for further share price drop
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
andy: 1950211 19 Nov'15 - 15:54 - 37502 of 37509 3 0 If you really believe that then you are a member of a very small club,I fancy even some of the diehards here in private admit there was fraud. Have you ever wondered why the share price fell from 650p to 26p? Why the admission to the main market was not allowed? Have you ever wondered why RT resigned from such a successful company? Have you ever wondered why QPP sold it's family jewels when it was supposed to be raking in the cash? And why SGH has fallen from $8 to $3 since the purchase? I guess not.......
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: 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.
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