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By Tom Winnifrith, The Sheriff of AIM | Thursday 8 November 2018
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.
As BBC license fee payers, you will be truly delighted to see how the vast pay cheque given to Gary Lineker is being spent. You may remember that the crisp salesman was appointed as brand ambassador to Ingenie, part of the Quindell (QPP) fraud, now under SFO investigation as the UK’s largest stockmarket swindle for 30 years. Lineker was given millions of pounds of free shares in Quindell which he sold onto poor investors who lost almost everything - having said he'd be a buyer. Well it worked before…
Now it appears that Lineker is investing part of his Quindell winnings/bloated salary in a new venture, Ticker, which has been established by Richard King the founder of Ingenie. Old Jug ears was best man at King's lavish Somerset wedding also attended by Rob Terry and other members of the Quindell gang.
Ticker is set to launch in partnership with Munich Re Digital Partners (DP) in early 2019. If Ticker's other senior managers seem like familiar names (Mike Ketteringham and Steve Broughton) that is because they were also at Ingenie
You may ask what happened to Ingenie. It is still going . Just. It is losing money and Watchstone Group (WTG) – Quenron as was, fessed up in its most recent statement:
“Ingenie's retail business continues to face very difficult market conditions. In the first 6 months of 2018, total revenues fell to £4.8m (H1 2017: £7.7m).”
Back in 2014 when Quindell paid a fortune to buy Ingenie investors were promised it would be earnings enhancing by 2015. Its then brand ambassador Mr Lineker said
“I’ve been an investor and ambassador for ingenie from day one. From the first time I heard about it, black box insurance always seemed like a great idea. My boys use the system and it’s made them think more about their driving while giving me peace of mind knowing they’re not being reckless on the road. I’m delighted that the company is growing and I’ll continue to promote young driver road safety alongside them. I look forward to continuing working with ingenie and increasing my Quindell shareholding once this acquisition takes place.”
Of course Gary actually sold all his Quindell shares. Ingemie has never made a profit and its sales are collapsing and trivial. But having made £5 million last time from flogging Quindell shares, having said he’d buy, does Lineker care?
Meanwhile the SFO enquiry into Quindell which includes a thorough investigation of the Ingenie deal continiues…
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