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 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
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.
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
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.
juicin drumroll: HTTP:// Quindell ex-boss's stake building leaves tech minnow in the dark Thursday 24 September 2015 The chairman of Imaginatik has questioned the motives of the former Quindell boss Rob Terry The chairman of Imaginatik has questioned the motives of the former Quindell boss Rob Terry, who has built a sizeable stake in the AIM-listed tech minnow. Matt Cooper, who founded and owns 27 per cent of Imaginatik, described the controversial businessman’s 14 per cent stake as “a mystery”. He told the annual meeting that Mr Terry had not approached management about buying shares. Only when the stock soared from 3p to 5p in a day did they realise he had done so on-market. Mr Cooper said: “If I wanted to own 20 per cent of Imaginatik I would probably approach the company and say, ‘Hey, you guys are worth 3p. Why don’t you issue shares at 3p?’ rather than bidding up my own price and continuing to buy – that seems odd. “If I’m Rob Terry and have ulterior motives – I want to use this as a shell, take it over or do whatever with it – I don’t pick this company because it’s got a chairman who owns 27 per cent, it’s tightly held and those people who own it have proven to be deeply supportive.” Imaginatik, whose technology and consultancy services are used by the likes of Nike and Caterpillar, saw its share price almost treble in June after Mr Terry’s stake in the business became public. He has continued to buy shares in Imaginatik, which has a market value of just over £5m, through his investment vehicle Quob Park Estate. Mr Cooper said his only contact with Mr Terry was a “mostly uneventful” 45-minute meeting in which Mr Terry explained that he believed there were a number of companies on AIM that were undervalued and claimed Imaginatik was one of them. Mr Cooper said: “He expressed no particular desire to take the company or to influence the company’s strategy in any direction. And that was that, and I haven’t heard from him since. “We don’t really have a relationship with Rob Terry despite the suggestions in his tweets that we do.” Mr Cooper queried the tweets and blog comments from Quob Park Estate, which has been talking up the stock’s prospects and giving price targets as much as three times higher than Imaginatik’s current share price. He also said the open letter Quob Park had promised on Twitter to send to the Imaginatik board in August, outlining its investment strategy, never arrived. He added: “What seems clear is that there’s no rule against posting whatever you want [online] and letting that manipulate share prices in whatever way it does. It seems weird.” Quindell, which Mr Terry left last November, is being investigated by the Serious Fraud Office for its accounting practices under his leadership. A decade earlier, Mr Terry was ousted from the insurance claims processor Innovation Group amid questions over its accounting practices. Imaginatik’s European headquarters are on the fringes of a golf course in Fareham, Hampshire, less than five miles from the head offices of Quindell, Innovation Group and Quob Park.
squire007: Just a thought from the inside .............. FT - Mail are you reading !?/ lol Interesting that RR mentioned 10%. That suggests their thinking may be a share buy back of circa 400m shares at £1.25 a share ( total cost the £500m committed to) Leaving 40m ish is shares in circulation. Based on the current MCAP they would be worth nothing but of course thats impossible Most people on here who have expressed an opinion think the company SHOULD be worth about £700m now or £200m after the distribution. Giving a post distribution share price of £5 for the remaining 40m shares. I doubt thats going to happen instantly but if initially the MCAP of the company was £50m ( of which £35m is in cash) then the post distribution share price would also be £1.25. With the share price doubling to £2.50 when and if the escrow is released. £30m of NIHL would add another 75p a share taking it to £3.25 And if we actually have an ongoing business too.......... wow could be anything. every extra £40m adds £1 to the share price. Right now it adds 10p.. is Incidentally i agree with this approach. It does not dilute your % holding in the business, even if you own less shares, it makes the capital gain or loss simple and 450m shares is too many for a company worth £200m (or possibly a lot less initially).
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.
dasv: this is funny. RT has now admitted he has dumped his QPP shares entirely and predicts the share price to tank but not because the remainding business is toast but because directors AFTER him have taken vast (undisclosed) option deals. He seems to be certifiable. "In our view, the vast majority of these options have unnecessarily incentivised and over-compensated people for just doing their job whilst the S&G transaction was being completed. It has become clear that the vast majority of these options fully pay out on completion of the S&G transaction, thereby providing no lock-in or incentive for key executives to stay beyond that point. When Quindell publishes its results, and as a consequence the current closed period ends, these staff are then free to sell their shares. Naturally this is likely to exert negative price pressure on Quindell's share price. Furthermore Quob Park Estate are led to believe that those people who have received options and who are transferring to S&G under the Professional Services Division deal, are obliged to sell their Quindell shares, and required to buy a certain number of S&G shares in the market, helping to support the S&G share price, but to the further detriment of Quindell’s. We believe this overpayment, and the size of the distribution to shareholders, has wasted the opportunity to no longer deprive the business of the necessary investment capital required to maximise the value of what Quindell now defines as its core business, being primarily its technology assets. This short-term approach, no doubt driven initially by the need to conserve cash, of not making the required level of investment in the business (particularly in Connected Car) looks set to continue" Http://
nicky name: ELcapital 29 May'15 - 12:27 - 33889 of 33894 0 0 are out in sunlight??? I thought you only came out at night. Explain a £350m drop in market cap of S&G if it was such a bargain ELcap FYI shares rise and fall. They are traded on a stock MARKET. A drop from 7.4 to 6.1 dollars until the market sees proof of the benefits, is hardly something to be concerned about imo in any case, PSD has now gone, and QPP share price is supported by sale proceeds
nicky name: Redde has made no comment about an approach Quindell clearly needed cash but how do you know that QPP approached Redde? not that it matters anymore the QPP share price is underwritten by SGH QTech is in for free
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