Watchstone, aka Quindell, who got the £2 million bonus at Christmas: was it disgraced Rob Fielding?

Comments

1. ---

   Drunken Sailor

   9 January 2016, 11:57

   Tom,

   According to the 2014 report Rob Fielding only had 625,000 options on 31 Dec 14 down from the 9,375,000 he had at 31 Dec 13. These would not be the 33p options issued on 18 Dec 14. Rob did get another 6 Million Options on 12 Jan 15 but these vest a third at a time on the next 3 anniversaries of grant thus the first 2M have not yet vested and those are at 68.85p so can’t be the 33p options in question.

   Note 28 says:

   “Options over 16,333,332 shares in the Company with an exercise price of 33 pence were granted on 18 December 2014 under the Group’s Unapproved Share Option Scheme. These options vested on completion of the disposal of the PSD on 29 May 2015. The exercise period for all options vested ends on 18 December 2024.”

   But according to the RNS on 16 Oct:

   Quindell Plc (AIM:QPP.L) announces that, pursuant to the rules of the Company’s Share Option Plan, it has agreed to settle for cash 21,892,991 vested share options granted on and prior to 12 January 2015 at a total cost of GBP11.15m (plus any employers’ national insurance costs).

   The options were settled at a market value exercise price of 99.35p (being the 5 day average mid-closing price prior to the proposal being made to relevant option holders) less the respective exercise price of each option. Income tax and employee national insurance contributions will be payable by recipients.

   There were 3,909,091 33p options left not exercised. So of the 21,892,991 options bought out, 12,424,241 were 33p options. This accounts for £8,243,483.90 of the £11.15M. The rest of the money, ie £2,906,516.10 went to 68.65p option holders – if you do the maths on the remaining money and the remaining options that is the price that comes up. There were 2 people who were awarded 68.65p options with early enough vesting dates Richard (Petal) Rose and Jim (Hammer) Sutcliffe, so around £1.3M to Petal and £1.6M to Hammer. Of course we all still need to cream our pants that Petal spunked around £250k away to buy 100,000 post consolidation ex 90p shares recently. I did think that he might have pulled the same trick with the rest of his options to bag the 90p plus post consolidation shares as the remaining 2,156,250 was the unused part of the 6,065,341 from the 8 Dec RNS but it would appear he did not, as only the 33p options were exercised on 16 Dec and he only had 100,000 shares in total following his 100,000 buy. Whether he just forgot or felt he had taken the piss enough with his £1.3M is unclear.

   As far as who got the £8,243,483.90 back in Oct and who got the £2M and still has 390K of post consolidation WTG shares which at current market price are worth another £1M is anybody’s guess. Perhaps you should ask your friend Lord Howard.

2. ---

   filthy lucre

   9 January 2016, 12:09

   Your header reads ‘Tom Winnifrith The Man Who Exposed The Fraud At Quindell ‘
   IF there ever was such a thing, and until there is a conviction of someone I am coming down on nobody’s side,
   surely any alleged ‘exposure’ was by Daniel Yu, not you!
   Unless Yu and you are part of the same enterprise?

   TW: Filthy just carry on sucking Rob Terry's cock. You are deluded

3. ---

   turbograndad

   9 January 2016, 13:59

   Tom don’t hold back.

4. ---

   filthy lucre

   9 January 2016, 16:31

   I won’t rise to that.

5. ---

   Drunken Sailor

   9 January 2016, 22:25

   Filthy,

   Nobody has been convicted of fraud at Globo, so I suppose you believe there was no fraud there until someone is convicted. If someone is convicted are you going to say it was Grego that exposed it, even though SP was exposing it about 18 months earlier and Grego openly acknowledges that it was Evil who first put him on to it. Grego missed the worst of the fraud at Globo – he believed the money was in the bank and that only 40% of the business was a fraud – the money was not there, as SP said it probably was not, and much more of it was a fraud than Grego thought, which is why even the secured creditors are going to take massive losses.

   Tom was warning about QPP about a year before Gotham and again he was far more on the money with all the different aspects of the fraud, whilst Yu did not acknowledge it, it would seem likely that it was some of Tom’s excellent work that put him onto it. Hundreds of millions were wiped off the balance sheet and from profits turning a retained profit into a massive retained loss – only fraud can do that.

   The good thing about Tom exposing frauds is only the wise listen, whilst BBMs like you dismiss him as a pizza boy who knows nothing. This enables the wise to get out / go short, whilst dumb tossers like you pile in on the weakness effectively transferring wealth from the stupid to the wise. When people like Yu and Grego finally catch up, the share price crashes overnight not giving the wise the opportunity to profit as much as they could have.

   The businesses left in WTG are either shit or frauds (which is why they are selling them for £1 where they can). WTG still has a lot of cash, but as the law suits roll in that will be eroded away. WTG is not being as transparent as they should be. Shareholders should have heard about the Canadian lawsuit from the company by RNS and not from Tom, yet again it is Tom that is keeping shareholders informed about key matters.

   The options issue is largely niff naff and trivia. The company did not RNS when the 33p options were granted and did not RNS when the shares were issued correcting their block listing RNS and the company has not been open about the amount of money that went to Hammer and Petal back in Oct allowing everyone to get excited that Petal had spunked £250k of his own money on shares, when the fact of the matter is he has only really spunked about 20% of what he was given for free from the company – he did not even have to put up any of his own cash to exercise options back in Oct. He had a vested interest in the decision to buy out his and Hammer’s options for cash and this was not declared. If they just wanted to buy out the 33p options they could have restricted it to options granted on or before 31 Dec 14 and Petal and Hammer could have genuinely put their own money in to exercise them before the outcome of the court case was known. But that would have been a genuine sign of confidence in the company and he would still have got all his money back when the 90p was paid and he would have far more shares in WTG going forward than he does now.

   The new management are a lot more honest than the old management – it is hard to conceive how they could be worse, unless of course they had decided to appoint Costis. Even so the new brooms seems to have lost their bristles very quickly. Let’s see how long it takes them to firstly admit the Canadian lawsuit and secondly whether they are honest about the significance of it. It would also be nice to have an RNS on the options issue. Personally I hope those 33p options went to ordinary employees of the company. It was a shit time for them last Christmas so if that has been made up for by a windfall this Christmas / back in Oct good luck to them. My only fear is that some of the fraudsters were the main beneficiaries, it is impossible to tell because of the lack of transparency on the issue. The only thing we can be certain of is that it was not Rob Fielding cashing in yet again.

6. ---

   filthy lucre

   10 January 2016, 16:10

   Drunken Sailor

   Hello Tom

   TW Note: jeepers you are a moron, dont you know we were taken to court separately. Ask JHB - we are distinct. Filthy you really are the thickest piece of shite on this website