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.
On 5th November 2014 Quindell (QPP) announced that three directors had purchased £2 million worth of shares in the market. At the same time it was announced that the three directors had entered into a loan facility ‘that may result in the transfer of up to [all their] Quindell Shares’. So far – up to the last two words of the second sentence – we may accept every word of the text of the announcement as based on fact. But from then on, starting from the last two words of the second sentence, ‘as security’, every sentence and almost every word of the announcement (including the table) is a lie.
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