UK 22:41 Tuesday, 22 September 2026
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I have this morning tried to shake off the most almighty of hangovers caused by the Quenron (QPP) celebrations of last night, by penning an open letter to Cenkos, Nomad ((pro tem) to the fraud Quindell. Cenkos needs to force Quindell to make a statement now regarding margin calls that Rob Terry, Larry Moorse and Steve Scott must be facing.
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Comments
Scott Sanderson
They state it’s at 80% or lower of the transferred price which was 84.5p, so margin at ~67p?
Tom Winnifrith
SS
Transfer price was 129p so if margin call at 80% then that is 104p. Truth is that we are all guessing so the fraudsters need to fess up now
T
Elric
What chance of PI class action?
AL
Tom – the statement (although who knows if we can believe these any more) says:
If, prior to the maturity date, the value of the transferred shares falls to 80 per cent. or less of the value at which they were transferred to EFH, being 67 per cent. of the three-day average market value at the time when the relevant transfer was made, the Purchasing Directors will be required to transfer further Ordinary Shares or provide cash to satisfy margin calls.
So, we are waiting for the price to hit 80% of 67% of (approx) 123p. This works out to approx 66p.
boggle
Using the information in the RNS and adding back the 3% the margin call is at 69.6p
Steve
From the RNS yesterday it seems pretty clear.
“If, prior to the maturity date, the value of the transferred shares falls to 80 per cent. or less of the value at which they were transferred to EFH, being 67 per cent. of the three-day average market value at the time when the relevant transfer was made, the Purchasing Directors will be required to transfer further Ordinary Shares or provide cash to satisfy margin calls”
Its 80% of 67% which is around 67p
J.A.
You have to wonder whether this is RT beating a path to the QPP door. This is a debacle for any funds left in this and there must be questions being asked of whether this charade should continue. The option to remove RT and begin the process of applying much-needed transparency, as painful as the resultant writedowns may be for the share price, must be rising to the top of the pile.
It really does look like TIG all over again. RT could choose to walk away from this with his millions intact and leave a massive, costly rebuilding exercise behind him.
Dominic Cooper
Is it not the case though, that this is “non-recourse”, so in effect there is an option d):- “do fuck all, but keep putting out RNS statements pretending that we a) still own the shares we have sold, and b) that EFH have really lent us money when in reality they are a glorified broker who have sold our stock for us and retain precisely zero ongoing involvement”.
Sted Eddy
Is there a precedent when this type of funding has been successful for a director and his/her company? Or is every director who uses this or similar mechanisms a scum bag as you suggest Mr Terry is? If others have used similar mechanisms were their declarations / RNS’s any different to how they were presented by Quindell? I have no idea but as Sherrif of Aim I am sure you will be aware of them if they exist.