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By Tom Winnifrith, The Sheriff of AIM | Monday 8 December 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.
All my work since I first used the word Red Flag in April 2013 has been vindicated. My scoops of this weekend on Quindell (QPP) have been shown as true - today's statement is a total disaster for Quenron. Bulletin board morons who abused and threatened me get your sorry arses round to Real Man Pizza today to buy a large pizza and expensive bottle of wine and give my fantastic staff a large tip to say SORRY. The following points stand out:
1. Cashflow forecasts are being missed
2. Quindell could have given a net cash number it did not - that is because my source was correct it is NIL.
3. The company is only still trading becuase of the support of its banks and their overdraft facilities - threy can be pulled at any minute.
4. PWS has been brought in to review all key accounting policies. Industrial deafness is specifically mentioned. That means mammoth writedowns of accruals and also goodwill.
5. I forecast that Quindell will not make a PTP of £300 million this year but a LOSS of £300-500 million.
This is a holding statement. From now on as PWC continues its work and as the cash position worsens things will only get worse.
Sell - target price 0p.
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