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By Nigel Somerville | Thursday 7 April 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.
Quob Park Health Limited was incorporated on 31 March 2016, but thus far there is no sign of Rob Terry being directly involved. Not on the surface, anyway, but digging a little deeper there are a few links. One wonders what is going on?
As can be seen HERE it is very early days, with just an incorporation document filed to Companies House. One might expect to find Rob Terry listed as a director, or founding shareholder. But no! In fact the founding shareholder is a company called Yoodoo Media Limited, and the sole director is a Mr Anthony George Heywood. But the company address is familiar: Quob Park in Fareham.
We are not told what its nature of business – although I daresay Tom Winnifrith may have a helpful suggestion – that will, apparently, be provided on the next Annual Return – not due until the end of April next year.
So what is Yoodoo Media? From its website HERE we can see that it works in the space of performance, risk and compliance in the healthcare space. Its last accounts (see HERE) to Dec 2014 showed that it had negative net assets and negative net current assets of £68,056 and accumulated losses of over £1.5 million.
Looking at the shareholders of Yoodoo we see the arrival of 360Globalnet Ltd in the Annual Return to 1 July 2015, a name not noted in the previous Annual Return. 360Globalnet was, of course, at one point 60% owned by the Rob Terry controlled Quindell (QPP) – now Watchstone (WTG) – but the latest Annual Return for 360 shows that Quindell plc, Quindell Property Services Ltd and Bickleigh Ridge (aka Steve Scott) all sold out during the year, although a personal holding of Mr Scott was still there.
But also in the Annual Return of 360Globalnet, to 18 Jan 2016, we see an shareholding owned by an entity called 360Shareholders Ltd. The previous Annual Return showed 360Shareholders holding 1380 shares – which just happens to be exactly the number disposed of by Quindell plc on 5 Jan 2015. If we add on the shares rest of the Quindell plc holding (disposed of on 22 May 2015, according to the 2016 Annual Return) of 1252 shares, and the 5648 shares disposed of by Quindell Property Services, also on 22 May 2015 we come to a total of 8280 shares – which is the holding of 360Shareholders Ltd as at the 2016 Annual Return of 360Globalnet.
So did 360Shareholders Ltd buy out Quindell plc’s direct and indirect holdings of 360Globalnet? Why?
So who/what is behind 360Shareholders Ltd? Well, there is no sign of Rob Terry either as a director or on the shareholder list. But taking a look at the list of Charges over assets of 360Shareholders we see the appearance of (drum roll, please….) Quob Park Estate Limited (see HERE), where two charges (both recently satisfied) were created on 20 Nov 2015 and 21 May 2015 (the day before 360Globalnet shares were transferred by Quindell plc).
Small world, innit.
But the complexity does not stop there, because when we look at the Charges registered by 360Shareholders Ltd in favour of Quob Park Estate Limited we see that in fact the first was with the expressed condition that the money (all £4.8 million) is spent on the acquisition of shares in 360Globalnet Ltd. The first charge paperwork notes that 360Shareholders is already the proud owner of 1380 shares (as per the 2015 Annual Return).
The second Charge document amends the terms of the first, this time noting that 360Shareholders Ltd now holds 8280 shares in 360Globalnet Ltd – as per the 2016 Annual Return. So did Rob Terry’s Quob Park Estate lend £4.8 million to 360Shareholders Ltd with the express instruction to buy out Quindell and its subsidiary from 360Globalnet Ltd, and once that had been done the security was altered to being that of the acquired shares?
Answers on a postcard….
For more (from Tom Winnifrith) on 360GlobalNet and Quindell, click HERE.
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