UK 22:21 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.
On Monday 22 February the fraud Quindell (QPP) put out a statement that misled investors as to the status of its discussions with Slater & Gordon as to the sale of QLS. Slater and Gordon was forced to clarify the situation with its own statement. Shares soared on the Quenron RNS but retreated as S&G revealed the truth. As such this begs the real question as to whether David Currie, the chairman of Quenron and old pal of Mr Robert Simon Terry, is guilty of market abuse. I have written to the FCA today asking it to launch a formal enquiry.
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Comments
Temptress
Are you not being a bit gung ho on this point. The QPP RNS does not state that that S&G have made an offer. In fact the RNS specifically states that “There can be no certainty that these discussions will lead to an offer for, or the disposal of, the PSD.”
I admire your work on QPP and agree that it is a POS but you risk over egging the pudding on this point.
Good call on COMS btw.
MS
Tom,
Out of interest, when you send this sort of message to the regulators, have they ever sent anything of interest back, rather than just sending holding letters?
Have they (FCA) ever confirmed – or denied – the existance of any investigations, especially into Quindell?
We see ¨new¨ management at QPP has not lead to any increased clarity of press releases.
Cheers….& keep it up!
zeronegative
Tom,
Looks like leonstrade has spent the last two days briefing the FT as we now have “rumours” that SG are to make a full takeover – and that another company is to buy QPP – All from the LSE of course (BigJohnCowan – new user today – surprise! surprise!). Here’s his post….
“Rumour has it that the Klesch group (http://www.klesch.com/) is interested in buying Quindell to add to their portfolio. Privately owned company founded 1990 by self made billionaire Gary Klesch”
If i was SG I would walk away as is obvious QPP are leaking utter crap to ramp up the share price.
turbograndad
Dear Mr Winnifrith’
Re your letter pointing out market abuse Quindell RNS 22nd of Feb, if you have not got this already, it is very much in line with the AIM casino policy of course, which you as sheriff are all too aware of.
This is totally consistent with Aim, and is purely PR, I would of thought all the mug punters that we don’t give a flying fuck about anyway would have known better, so as per usual this is tough tits.
Your obedient servant, AIM reg, aka choc teapot.
Neverwhere
Tom, Good luck with THAT.
It will only take the office junior at the FCA a few mins to dismiss this with no case to answer once they read the full text of what the QPP RNS actually said.
AK47
It will be interesting to see what the FCA do.
The Mad Accountant
AK47 – “It will be interesting to see what the FCA do”
Agreed: I’ve been thinking this for years…
AB
The QPP announcement said “Discussions are progressing with SGH and the indicative terms being discussed would imply a significant premium to the Company’s market capitalisation”. In this context the implication of both the noun terms and the qualifier indicative is that the parties are in broad agreement as to the basis on which a deal is possible between them, and both have accepted that as a starting point.
That is what their announcement means.
SG’s announcement makes clear that neither is true. There is no broad agreement on terms, there is no agreed starting point: there is no offer, indicative or otherwise, and no terms have been discussed, and it is quite likely that the gap between the two sides on valuation will be an unbridgeable chasm. That is what their announcement means.
Therefore the QPP announcement was inaccurate as an account of the state of negotiations, and since the management try to send a message to buy the shares and increase the value based on their inaccurate account, I would say they are either engaged in a clumsy attempt to push up the value of any offer by increasing their market cap, or their attempt to manipulate investors and the market has some still worse motive.
Either way, (a) it is a measure of the management and (b) I am astonished the Nomad let them get away with issuing stock price advice under the guise of an RNS, the more so since they can have shown no adequate evidence for their assertion. I have never seen a Nomad allow such a thing before, and it would never have happened or been allowed in companies where I have been a NED or director.
filthy lucre
Yet another flimsy letter from Winnifrith to the FCA, no doubt immediately filed in the
wastepaper basket.
ROB
Wasting your time with the FCA, they will just ignore it, they are a complete waste of space. It does not really matter but come the Investor Show when Quenron are 0p and in administration , you can tell everybody I told you so and be completely vindicated.
Dominic Cooper
normal people:- Quenron are guilty of market abuse, issuing RNS with false statements to ramp share price.
Morons:- Alahu Steamy / Hail QVC3M. This is not a false statement as it actually didn’t say anything.
Normal people:- well if it didn’t say anything, why the f was it released; why did the sp jump 25% on the back of it; and why were you drooling all over each other about how great the news was?
Morons:- can’t you read; world conspiracy; make it a criminal offence to say you don’t thinl QPP is worth £10; pizza; etc.