By Tom Winnifrith, The Sheriff of AIM | Sunday 9 July 2017
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.
Suffice to say the big winners from this transaction are the old gang, the associates of the King of the fraudsters Robert Simon Terry, not shareholders in Watchstone (WTG), Quindell (QPP) as was. But its remiss of the new team at Quenron not to keep you updated. So let me assist.
You may remember that among the 191 worthless businesses which formed the Quenron empire was one called Business Advisory Services (BAS). It was bought in 2012 in a shares based deal from Bradley Wingrave, Simon Rand and Mark Read - Mark featured in a number of Quenron deals.
You can read about that deal here.
And you can read about what happened to the £8.2 million worth of shares HERE - suffice to say the trio made out like bandits selling those shares at all the way up to 40p, according to my source. They made a fortune and to hell with any idea of lock-in. These were Terry's mates.
Suffice to say the actual BAS unit never made anything other than peanuts in terms of profits so was not worth a fraction of £8.2 million and that is something the new bosses at Watchstone (WTG) appear to have recognised. Long and wrong bulls of Watchstone like Evil Knievil seem to think that the few fraudulent and/or worthless Terry businesses the company still owns have a value, they do not.
Brad Wingrave and Mark Read have set up another energy broker called Smarter Business Ltd and as of last week they have bought BAS back off Watchstone. Where is the RNS or was the price paid so trivial that it does not merit one?
I suspect that is the case. Oh well that will leave Read/Wingrave et all a net c£100 million up on the deal and back owning the shite little business they first owned back in 2012. Well done chaps.
Never miss a story.
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