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Watchstone subsidiary Maine Finance 2014 accounts finally arrive & look very fishy

By Tom Winnifrith, The Sheriff of AIM | Sunday 6 March 2016

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.

There are some folks out there - Evil Knievil - who under under the illussion that what is left in Watchstone Group (WTG) has a value, that somehow the collection of frauds assambled as Quindell that even Slater & Gordon was not dumb enough to buy is worth something. Au contraire. I see that the Maine Finance subsidiary has finally filed its December 2014 accounts with a directors’ report disclosing;

Oh dear that does not look very good does it. It is clear that in the Rob Terry/Laurence Moorse era there was all sorts of naughtiness but also that the underlying business is just plain crap. But then ShareProphets readers knew this was a can of worms anyway. As to those exceptional costs - what is all this about?

So who signed off on this? You will note that the accounts have been audited by KPMG’s Leeds office and not its Southampton colleagues who did all the audits for Quindell PLC in 2014.

I wonder why this audit was done in the grim North, as Maine’s office is based at Quindell’s/ Watchstone's Fareham offices, which is 10 miles from Southampton? All very curious.

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