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By Tom Winnifrith, The Sheriff of AIM | Tuesday 25 November 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.
We already know that the FCA is investigating Rob Terry, Steve Scott and Laurence Moorse of Quindell for insider dealing – they are clearly guilty in that they sold millions of quid’s worth of shares knowing that join broker Canaccord had quit but without letting the market know that. But now I also accuse CEO Robert Fielding of insider dealing and wonder if this is why Canaccord quit on October 21st. I have written to the FCA (and cc’d in AIM Regulation as well as the chumps round at Cenkos) asking that the FCA widens the Quindell insider dealing enquiry to include Fielding.
On Friday 17th October Fielding announced that he had bought 17,707 shares at 141.1p. Less than two working days later Quindell announced via RNS at 7 AM on 21st October what it termed a major telematics deal in Canada. The fact that this was an RNS (not an RNS Reach) means that Quindell reckoned the news was price sensitive. The shares duly jumped. Surely when dealing on the Friday before the Tuesday Fielding knew this news was coming. If so, he is guilty of insider dealing.
Perhaps that was the straw that broke the Camel’s back for Canaccord? And that was what prompted it to quit as joint broker on the 21st? It would be good if the disgraced broker could explain an awful lot of things that have gone on (see HERE). But I digress, I have written to the FCA demanding that it widen the Quindell boardroom insider dealing investigation, as follows.
I request that you widen the scope of the Quindell boardroom insider dealing investigation underway to include Mr Robert Fielding, CEO of the group and events taking place between 17 and 21 October 2014.
On 17 October Mr Fielding purchased 17,707 shares in Quindell at 141.1p
On 21 October at 7 AM Quindell announced what it termed a “major insurer 5 year contract win.” This was announced via RNS not RNS Reach so must be deemed to be price sensitive. The shares did jump sharply on the news.
As group CEO Mr Fielding must have known about this major contract win. He has insider knowledge. And he dealt in shares. 2+2 = 4 – that surely is insider dealing, a breach of the 2005 Market Abuse Directive. As such I urge you to widen the current investigation into the blatant insider dealing of Rob Terry, Steve Scott and Laurence Moorse to include the trades of Mr Fielding as well.
As ever, I remain,
Your Obedient Servant
Cc AIM Regulation
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