UK 13:56 Monday, 26 October 2026
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The prize is a free invite to the pre UK Investor pizza and drinks with myself, Evil, Ben Edelman and other speakers which takes place the night before the show (ie Friday April 17th.) Join us as we speak freely before the show. All you have to do is guess how much Slater & Gordon will pay to buy QLS. Now accept that there is an option ( which I am going for) that it will NOT BID AT ALL so as a tie-break please supply the date at which S&G announced either a bid or that it is not bidding.
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Comments
zeroneagtive
My prediction…
No bid – 2 March 2015 – just a transfer of some cases
ELcapital
I think similar. I think there will not be a bid, and they will pay £20m for the cases.
Mooboy
£1 (yes, one pound)
1 week after PW report confirms that QPP is going into administration.
So let’s say 7th March.
invetigate
Between £50m to £60m of cash which S&G will fund through mix of debt and current cash flow it has.
It will be for all the WIP plus software – Challenger Platform. Maybe some of the junior Lawyers might came across – approimately 88 lawyers on the books at QLS.
This will leave QLS with minimal work and will have to close.
invetigate
The date will be 2nd week of March.
turbograndad
IT will put in an offer to the administaters for upto £5 million for cherry picked assetts, around the end of March.
So specific £3 million, 28th March.
warun boofit
Why would S&G bid for infrastructure they already have I dont see the point and if they want any of the star performers ( do they have such persons doing this type of solicitation ?) they can hire them once they have been made redundant without having to deal the tripe that comes with shutting a company down. My entry is nil pounds and no bid but Quindles will announce that it has agreed to receive lots of cash by 15 Feb for the cases it can sell on, my guess £15 million.
If I win is there any chance of throwing in the cost of a plane ticket as my cash situation is nearly as bad as QPP right now, would be willing to wash the dishes afterwards if that would help.
Nigel A
£0 (no bid) and Feb 27th – based on a pure guess
Forty Two
Hmmm – QPP guidance for annual gross (I assume) revs cut to £750-800m at Q3 trading statement with £30-40m H2 cash flow forecast. 9 month gross revs £562m, suggesting Q4 predicted gross revenues of £213m (a bit of a slowdown given £198m print in Q3). At H1 stage Net Legal Services revs £179.6m = 50% of total Net revenues. Assume Q4 net group revs of £209m forecast at Q3 update. Assume Q4 miss given cash CFO came in at £3m cf forecast of £30-40m (not that revenues have much to do with cash mind). So Q4 total net revs some £190m at lower end of prior guidance (down sequentially on Q3 as truth emerges). Net legal services in Q4 then would be £95m. Do a Quindell style “run-rate” and you have annualised legal services revs of £380m. Assume S&G only interested in 70% of the varied businesses that make this up – revs £266m. Assume it pays same 45% of revenues as for previous UK acquisitions: starting point £120m. Add discount for buying being the only buyer with exclusivity – £112. Add discount for dealing with dumb assed poms £100m. Add discount for massive accrued in NIHL max offer price £50m. Add fact that you have exclusivity and have bought the cases you want, wait for PWC. See PWC report, wait for administrator. Buy further cases off administrator for “immaterial amounts” that do not need to be disclosed. Don’t disclose when you do this as you don’t need to.
Tim reynolds
O bid Monday 2 nd of March 2015
Kevin byrne
25m 27 feb
ChrisG
I also think there will be no bid, just a transfer of some (or maybe all) “cases”.
I’m going for an after-hours announcement on friday 27th. Feb.
Hope they have nice soap in those floor-height dispensers in the showers in the HMP where Mr. Terry is going……
Mike
What? Reader 42 are you on? Just invest invest in Quindell at 30p towards end of dec 14/ early jan 15 and you would have quadrupled your investment 4 times.
ROB
Well bit of a trick question as Quindell will be in administration very soon and the pwc report will announce this before the end of February but I expect it in the next two to three weeks. So any payment will be to the administrators (pwc will already have this work lined up). Cost will be £500k which is really covering the administrators costs. I don’t know if buying it from the administrators is strictly counted as a bid, which is why I think its a bit of a trick question.
Forty Two
@ mike. Hey thanks for telling me historical stock price movements. You could give Bloomberg a run for its money. Any view on the outlook for Penn Railroad ords in 1897?
Dominic Cooper
I have managed to obtain footage from a Quenron board meeting, where they discuss how much to ask for:- https://www.youtube.com/watch?v=jTmXHvGZiSY
On a serious note:-
1) I can’t let a moronism like Mike’s comment @ 21.03 on 25/01/15 go unanswered. Pray Tell Mike, what profit one would have on their investment had they bought in on February / March / early April 2014?
2) Bid value will be:-
£10,000,000 up-front payment (already paid for exclusivity) plus deferred consideration of a further £15,000,000, payable in stages and assuming certain criteria are met on the files transferred, (which will include warranties that the client is who QPP say they are, that the medical reports accord with what QPP have on file, and that the client has not previously brought claims in the last two years).
This will be for files (and one office and some key staff only),but not the operating division.
3) QPP do not have star performers. The outfit is run by paralegals and legal secretary’s and a handful of solicitors one to three years qualified. S & G won’t want to touch senior management who will be tarred by the Quenron brush.
4) I imagine they will want the Liverpool office and the rump of the Silverbeck Rhymer infrastructure, as they do not have a presence in Liverpool. This will probably come as part of the deal, but I imagine the cost of this to be nothing – Quenron get nothing but are released from any lease liabilities, etc. It will be done in such a way as to ensure that the spiv management, and the cowboy file handlers do not get TUPE’d across.
5) I doubt they’ll wait for Administrators to be appointed. If that happened, there’ll be a bidding war. The exclusivity would be invalid (S & G would just have a claim in the liquidation for re-payment of whatever they paid for exclusivity, and they’d get pennies in the pound).
Kewal Rai
£0 on 24th February
I think they’ll withdraw any possibility of a bid before the PwC report. Based on nothing but guess work.