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By Tom Winnifrith, The Sheriff of AIM | Friday 10 October 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 subsidiary Ingenie Ltd (of Gary Lineker fame) has filed its calendar 2013 accounts at Companies House but this is a spectacular own goal as it has hidden the full ghastly truth from investors. In the words of Alan Hansen “shocking defending” by Rob Terry.
In 2012 Ingenie used the same small firm of auditors as in 2013 to file its accounts HERE. It displayed a company and group P&L and Balance Sheet. For 2013 it has shown only a consolidated balance sheet – nothing else, claiming a small company exemption.
I do not doubt that Ingenie (which Quindell said was worth £50 million when increasing its stake from 19.7% to 43% on 19 September 2013) is a small company but section 384 of the Companies Act should apply here. This states that the small company regime does not apply if a company was at any time of the year a member of an ineligible group. It then defines an ineligible group as being if one member is a plc. Quindell is a plc and owned 43% of Ingenie at 31/12/13.
I have lodged an official compliant with Companies House on this matter. Quindell may have delayed the publication of the whole truth but it is just playing for time. The Companies Act is 100% clear. And even the morons at QPPSAG must wonder why when the Quindell stake has increased we are being provided with much less information.
As to the 2013 accounts as they are it is the usual bollocks as you can see HERE
I note for you a number of Red Flags.
I repeat what is Quindell hiding by showing you LESS information? Why is it filing under s small company exemption when it is not allowed to? This only delays the sordid truth from coming out?
The shares are a sell. Target Price 0p.
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