By Tom Winnifrith | Tuesday 19 August 2014
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.
Quindell concedes that in 2011 one customer accounted for 41% of revenue. In Gotham City’s detailed report on Quindell (QPP) it stated that this customer was SMI Telecom. That was the one point where Quindell stated explicitly that Gotham was wrong. For indeed I bet you £5 (that is not £2 + £2, but £5 in case Rob Terry wants to take the bet) that this company was TMC Southern and that this means that 41% of Quindell’s sales were simply round-tripped proceeds of the sale of Quindell shares. Let me explain.
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