Tuesday September 02, 2014


Bitten by a Duck in Kardamili Greece as the Mrs laughed loudly
Weekly Video Postcard (#46 financial, #76 non-financial) – Free Speech & Frigana Edition
Hamas supporters in UK try to get pro-Israel tweeter fired by blackmailing employer

PERSONAL, UNDILUTED VIEWS FROM TOM WINNIFRITH

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It’s My Wedding Anniversary so an almost day off

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A year ago today at a house owned by the family of the great Hellenophile Lord Byron the woman formerly known as The Deluded Lefty became The Mrs. Right now she is outside tapping away at a paper for her sociology work on why capitalism causes cancer, global warming and is a construct for patriarchal hegemony for white men. Okay I think I might have got the subject a bit wrong but I am probably not far off.

I’m off to chop down some more frigana at The Greek Hovel where we are staying and then it’s switch off time. Unless there is a Quinnovation Group emergency this is a day off. Thank you to the Mrs for 365 wonderful days, it is time to down tools.

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Official Request to Financial Reporting Council to investigate Quindell

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Unusually among UK watchdogs and regulators the Financial Reporting Council is NOT a chocolate teapot. It has teeth. It will use them. And it will happily work with other agencies such as the FCA if they need to be drawn in. It is there to monitor accounts of all UK listed companies. I have today asked it to formally review the accounts of Quindell (QPP). The letter follows. 

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Weekly Video Postcard #78 – Quindell, Frigana and Bombing the Shit out of ISIS edition

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I have sent in my latest video postcard and start with my new obsession chopping down the frigana at the Greek Hovel, It is all going very well and golden browning piles of the stuff now litter the property. 

I move onto Quindell (QPP) where I make it clear that the evidence of fraudulent accounting in the 2011 accounts is now explicit as I explained HERE. The question is what happens next?

Finally to the Islamofascists of ISIS and I explain why – although it may be appealing to go for the “bomb the shit out of them” option it would be a grave long term error on the part of the West.

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Quindell & Himex – just a bit of background

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You thought Quindell (QPP) had gagged me with its threats? You misjudge me badly. When Quindell’s lawyers have read this please would they remember to ask your clients “did TMC contribute 41% of 2011 Quindell Turnover?” Think disclosure and bring on the legals, bitchez! Tomorrow I shall comment on the interims and then my wife arrives at the Greek hovel for our wedding anniversary week and I largely down tools until September. But for now I have started looking at Quindell’s biggest acquisition Himex. By way of background…

Himex was started in 2012 by Hassan Sadiq and his Mrs, Elizabeth Dawson, with a mysterious backer DCD Holdings. They invested less than £10,000 to start it up. DCD invested £4000 and its stake at the time Quindell bought out the final Himex shares was valued at £60 million

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EMED – Buy after placing

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Having worked to have key permits granted towards the re-starting of production from the Rio Tinto copper project in Spain,  EMED Mining (EMED) has announced a €6.80 million net cash outflow in the six months ended 30th June 2014. Together with that negotiations “in respect of an equity financing to support an altered debt and equity structure… have taken considerably longer to conclude than originally anticipated”, this put its balance sheet in a troubling position and has seen it conditionally raise a further £13.1 million at 7.25p per share “to fund its activities up to the end of 2014, and thus enable the company to finalise its plans for the full financing of the Rio Tinto copper project”

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CEO Fraud and Investment Decisions – Reader Poll Results

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At the weekend we asked our readers for their view on CEOs who commit fraud. And yes this does refer explicitly to Rob Terry at Quindell (QPP) who really must answer the simple question posed in today’s article HERE as well as numerous others as a matter of urgency. We asked how you viewed fraud in investment terms. You said:

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Bitten by a Duck in Kardamili Greece as the Mrs laughed loudly

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As one leaves the small Mani town of Kardamili the road starts to climb steeply. On the edge of town there are a couple of fish restaurants, some slightly newer housing including the house that Paddy Leigh Fermor built for himself. My family stayed there once as my father knew Paddy – it just happened that this was the one family break to Greece that I did not go on.

Paddy left his house to the Greek State to turn into some sort of writing school. You would have thought that after a lifetime here he would have known better. It is slowly decaying, neglected by a State that, although bankrupt, can still afford to give anyone with a couple of olive trees an annual grant of 500 Euro.

The first of the fish restaurants as one heads up the hill is the favourite of the Mrs and I. The food is great, the wine flows, the waiters are friendly and efficient and the view over the cove below is magnificent.

On one side of the cove is a small working harbour used by fisherman. At night you can see the lights on the boats as they chug slowly home. A jetty provides a breakwater for the waves although nothing much happens o it other than bridal parties posing for photos. At the far end of the cove is a concrete jetty which is totally empty. If you have seen the film Before Midnight the final scene was filmed there as it became a seaside bar for just one night.

And so the other day we wandered down to the cove along a small road with not a human in sight. 

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Quindell – what Percent of 2011 sales came from the covert sale of Quindell shares? Almost 50%? And More than 100% of profits?

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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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Quindell Red Flag of the day (it’s a big one) – TMC (Southern)

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Gosh this is complicated. The Quindell (QPP) relationship with TMC Southern owned by Mark Ford (see HERE and HERE) is incredibly hard to untangle but one thing is clear: the numbers just do not stack up. Annual returns and reports conflict and there is an awful lot of cash which seems to have gone somewhere? Where? Read on…

The annual report for TMC Southern for the year ended 28 April 2011 is HERE

The 2012 Annual Report for TMC Southern is HERE

Please look at the balance sheet in the 2011 report. Is there anything missing? Er…yes.

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