UK 17:38 Friday, 23 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Oh dear, Oh dear if you are long of Quindell (QPP) you are going to take one hell of a beating tomorrow because Slater & Gordon has just issued a statement in Oz and it does not read well for the fraudsters and the morons. The shares should crater on this news. I do love the smell of napalm in the morning.
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Comments
invetigate
quindell will have to put another RNS out before market opens. to confirm file transfer deal. There was no need for QPP to do their RNS on 22 Jan. SGH clearly not material as their release was while market was open in Australia.
easyman
why pay 10 million for exclusive negotiations if the actual offer is for not much more. Why?
maybe they can make more money signing a few more exclusivity agreements? consecutively of course!
RNS to quench rumours for a non material offer?where is the best place for private investors to learn of rumours in the market?
alcira16247
Tom
Seems like the QPP long and strong brigade have been a little off target with their predictions of 1 Billion plus for QLS!
The Sheriff vindicated, once ……. AGAIN!
Gateway
Bit desperate Tom – I think you skipped over the second paragraph in that statement. “SGH has entered into exclusivity agreements with Quindell in respect of discussions relating to a possible disposal of an operating division of the Quindell Group.” Yeah it’s far from a done deal, but they are looking to buy QLS.
SP doesn’t look like it’s ‘cratering’ to me.
DUCK AND DIVE
I’m neither short nor long Swindell but I’m convinced it’s a house of cards. That said, I can’t agree with your spin on the SGH RNS. It simply reads to me as though SGH has paid a non-material sum to acquire an unspecified number of case files to examine as part of its due diligence process. Presumably, the amount paid is non-material because the number of case files concerned is also non-material.
The only joy for the shorts in this RNS seems to be that the overarching discussions about the sale of the whole division to SGH are likely to go on for some time, maybe months, and at least until the validity/value of the files has been determined.
It’s no surprise to me that the QPP SP hasn’t bombed on this news (yet).
David Russell
I have never held shares in quindell but I offer my congratulations to all the small shareholder who have made money or managed to get out at a better price than a month back. If it had delisted you would have lost the lot. This is one company I would be scared to own based on the fact I do not understand it and I would not sleep at night. Good luck to everyone but do not let greed of more lose you the lot. Iv been and got the t shirt.:(
DiscoStu
Does this mean QPP is looking to concentrate its efforts on its scaffolding business?
Richard T
Maybe paraphrased the RNS should read,’..we’re interested in Quenron as they’ve a lot of legal work that’s right up our street and they need some money.
First thing we need to do is establish the true value of the cases which are part completed (and which Quenron has taken an unknown amount of deferred revenue into its reserves) so that we can do the maths. That will be No. of not started cases x £x + £Our valuation based on completing the files that we’ve got the rights to less a wacking great big discount. The discount will either come from Quenron or its Receivers. We don’t care. Whatever happens we’ll be best placed to pick up the pieces whatever happens. We’ll only be buying the legal cases; we won’t be buying anything else including the shot-to-pieces balance sheet.
Thank you to the SRA for forcing Quenron to talk to us as insurance for the likely fall-out when the whole thing goes bang. Just doing their legal duty we know but we’re grateful you chose us.”
rob
Good post Richard T but not sure the SRA could force talks. The banks obviously can.
Also do I sense SG are cheesed off about QPP putting out a market sensitive announcement about them without actually asking permission or agreeing a common statement ? Not really cricket is it ? and not a good sign of attitude of new BOD ?
DUCK AND DIVE
Following caffeine, I have re-read the SGH RNS and the word which stands out is “disposal”. If SGH were negotiating to purchase the division, the correct word would have been “acquisition”. So my interpretation is that although Swindell are planning to dispose of the division, SGH aren’t planning to acquire it.
Dominic Cooper
@Duck and Dive, mine too
I interpret. Swindell intend to “dispose” of QLS, come what may.
S&G are party to the discussions, in the sense that people from Quenron talk to people from S & G and tell S & G that QLS is going. [nb nothing to say that it is going to S &G, just that it is going].
S & G say “well if you’re getting shot of QLS, we’ll take some of the files off your hands.”
Quenron say “no problem. They’ve all got a guaranteed 157% chance of success and they’re worth £8million each”.
S & G say “I think we’ll be the judge of that. But whilst we are judging it, we’re not having you cream the good stuff off and leave us with the shite. Therefore, we have six months exclusivity, and we take a sample of cases and actually run them. Then we’ll make you an offer for the cases we want (if you haven’t gone bust by then, that is)”.
Qunidenron then tell the SPPSADdos “Keep this to yourselves, and don’t tell anybody, but S & G are buying QLS for £1.1 to £1.5 billion, and we’re going to pay a special dividend of £10.50 per share”.
QPPSAG flood the bulletin boards.
S & G post their denial, specifically including the phrase “Contrary to press speculation today, SGH has not submitted any offer beyond the file transfer transaction.”
filthy lucre
Desperately appealing for a whistleblower stinks of desperation. I thought you had them calling daily. Or was that another untruth?
Tom Winnifrith
Filthy
I now have plenty of “friends” within Quenron but you can never have too many whistleblowers – as you are a friggng expert on everything I am sure you know the ins and outs of journalism too and so understand that
T
JonFiennes
Nothing in S & G’s announcement contradicts or clashes with Quindell’s and neither support the assumptions of the article about outcome or impact. There may be preconceived ideas about those but this statement gives no evidence either way. It simply matches Quindell’s in stating discussions centres on a potential disposal (synonymous with the word sale when talking about assets) of a Division of Quindell. Both companies stress the discussion are ongoing and no conclusion or offer has been made. This is obviously to reduce spurious speculation about outcome. Preconceived ideas aside the announcement tells us nothing about outcome plus or minus.
Legal Eagle
Tom, you will be proven wrong on this one I am afraid, very very wrong, and my sources tell me that it will be before the end of next week, I think you will find a substantial offer made by S & G , in excess of £750M, because it turns out the company (well the legal , motor, health and insurance divisions) are well run, brimming full of cash and genuinely profitable, as for the rest of it, well that is Mr Terry’s legacy which he is welcome to, I’m so glad he didn’t get chance to interfere with the businesses above, because they really are diamonds in the rough. Keep an eye out for the news next week ………………………
Tom Winnifrith
Legal
You are talking utter bollocks. S&G said today “early stage no offer made”. It would nit go to formal offer in a week.
Nor could it – capitalised at £800m with debt afford £750m
And not would it pay a massive premia to WIP esp when that WIP is clearly dodgy and has yet to be reviewed by PWC.
You are talking unmitigated bollocks
T
filthy lucre
If Legal Eagle is right, you have really blown it this time Tom. You posted 5 smears a day over
9 months, driving private investors out of this company. You really did stake your reputation
on getting this one right.
I suspect that Simon and Lucian misled you, but it will be you who will
take the reputational rap.
Legal Eagle
Tom,
You are wrong, and you know that I know you are wrong, because I absolutely and categorically know exactly what is going on.
Who do you think REALLY instructed PWC in December, think Tom, THINK, because it wasn’t the banks, so who was it then, I know who it was, and you don’t, and thats why I know that an offer is forthcoming before 7th February.
I predict an offer in the region of £800M which would be fair value for everything other than the telematics and IT piece, which they do not want.
This has been going on for two months, it isn’t recent, I know for a FACT that there is £600M of genuine cash in QLS which will realise in the next 24 months, add in the other businesses and you have a greta deal at £800M.
Legal
zeronegative
Hi Tom,
At least we know what happened to prize troll Robbajob – he’s now turned into Legal Eagle.
Perhaps you can send the FCA Legal Eagle’s email + IP address as he is clearly boasting about having market sensitive info and passing it on as FACT – amazing how many people who post on boards have all the info – NOT!.
Yet another pathetic QPPSAG stooge sent out by Steamy to try to inflate the share price or is it Steamy’s latest alias – to add the Jimi Marshall, Longtermholder, Quindell Facts and theblogger,
So Legal Eagle – where does SGH get the money to pay for this?
Care to name you source?? – QPPSAG perhaps or Quindell Echo / The Beano or QPP1000 or the man in the pub you met.
filthy lucre
Oh dear Tom!
I just read Legal Eagle’s last post. You’d better pull out all the
stops now mate. Evil Knievil, Danny Yu AND BMD
BurtonLazars
Don’t know who is right but personally if I had the sort of info that Legal supposedly has, I wouldn’t be posting it here I would keep quiet.
Spoilt Git
In a way I hope Legal Eagle is correct, because it only proves what a terribly leaky ship QPP/associates must be to be trotting out ‘insider information’ to people that irk it, prior to the market actually knowing. It doesn’t put the company in the best light. Again, the paper trail behind it all would be interesting to see.
filthy lucre
Burtonlazars Why keep quiet? Tom shouts from the rooftops anything that fits his agenda.
Swinton contract lost for example, or the numerous times he told us that QPP shares were on the
cusp of suspension. Probably utter baloney.We’ll soon see if Legal Eagle’s prediction is correct or not.
We know that Winnifrith’s were not!
alcira16247
Tom
Although QLS boasts its the worlds largest Public Company Law Firm, I cannot for life of me understand how it can be worth anything like £800/850 million. Is the ‘Legal Eagle’ engaging in mind games?
QLS consists of the legal practices of Silverbeck Rymer, Pinto Potts and The Compensation Lawyers, acquired in December 2012. During April and May 2013 QLS acquired the brands Accident Advice Helpline, Fast Claim PPI and the legal costs practice of Compass Law.
In house 24/ 7 service from 6 locations in the UK, employing circa 750 members of staff. According to the law society there are 88 solicitors.
Quindell Legal Services is now one of the largest providers of personal injury claims services in the UK.
All the above is from QLS own website.
Now consider what Quindell paid to acquire these jewels :-
Pinto Potts – £3 million cash plus 87,500,000 shares @ 17.5 pence ( £15 million ) In return Pinto Potts has warranted a profit after tax of £2 million and operating cash flow of £1.5 million for the 12 and a half month period ending 31 August 2013.
Silverbeck Rymer :- £12 million in cash and 96,666,666 shares, @ 17.5 pence (£15.53 million )
Compass Costs :- 80,000,000 shares @ 17.5 pence ( £14.0 million ). Compass Costs has warranted a profit after tax of £2.0 million and operating cash flow of £1.5 million for the year ending 31 December 2013.
Abstract Legal Holdings (“ALH”), the parent company of Accident Advice Helpline (“AAH”). Quindell paid a non-refundable deposit of £19.75 million in December 2012, plus a further consideration for the Acquisition has now been satisfied by the issue today of 242,100,000 @ 17.5 pence ( £42. 4 million ) Quindell shares. In return, the vendors of ALH have warranted a business plan for ALH covering the 24 month period to November 2014 against which ALH has continued to deliver ahead.
So Quindell spends in the region of £ 123 million, acquiring the above.
Even adding the Quindell ‘magic’ … disruptive technology, strong relationships, lower average debtor days..” and
the ethical stance we take by lowering the cost of claims for the industry as a whole, targeting over 20% saving compared to industry norms.”
Would S & G really be prepared to pay x8 more for a group formed less than 24 months ago, operating in an ever more ‘tighter legal’ environment? I have my doubts, particularly if this a fire sale!