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By Nigel Somerville, the Deputy Sheriff of AIM | Tuesday 17 November 2015
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.
Thanks to an avid reader I have been alerted to a very interesting filing at Companies House from Quob Park Estate. Anoraks of the world unite at ShareProphets! It concerns the issue of 2,855,566 shares in Quob on 29 Dec 2014. The consideration was originally notified (see HERE) as being the ratio of Quob Park Estate Limited shares issued for listed securities to settle consideration value of £2,855,566 (with roll-over relief claimed). But a replacement filing now notes simply a cash consideration of £1 per share (see HERE).
The original filing was received in electronic format on 30 Mar 2015 – so two months late (share allotment filings are supposed to be submitted within a month). Now we find a replacement which is stamped by Companies House as at 29 October – so ten months on from the allotment.
But what does it all mean? Well, in its Annual Return dated 29 July 2015, Quob reveals that the only person holding anything like enough shares to be involved in this transaction is one Mr Robert Simon Terry. So perhaps one might be drawn to the conclusion that it is he who is involved in the transaction.
When I first looked at the share allotments on Quob (HERE) I noted that:
Mr Terry had been selling off his Quindell plc shares (commencing with 8.85m shares via Equities First Holdings LLC when he knew but the market did not, that Quindell’s Broker had resigned), his holding having reduced to less than 3% as notified by a Quindell plc RNS on 10 Dec 2014. But he still had just over 13m shares in which he was interested – and which, one assumes, he was trying to offload as the share price crashed to below 50p.
On 29 Dec last year (the allotment date) Quindell (QPP) shares were about 43p. Today we see that not only are Quindell shares trading at 98.25p (last seen) – so they have more than doubled – and that there is a return of capital on the way, worth 90p per share to be paid in cash.
Now we discover that the original Quob share allotment filing INCORRECTLY Stated It was a Non-Cash Consideration Instead of Cash Consideration (to quote the replacement filing). Ten months after the transaction, during which time Quindell shares have doubled.
Were the “listed securities” originally mentioned those very same Quindell shares?
No doubt all the shareholders in Quob Park Estate all feel that their money is in good hands.
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