As it happens I was just having a long chat with my good pals at the UKLA (part of the FCA) today. What fine fellows they are. So they have turned down Quindell’s application to move up from the AIM Cesspit to the main market. Rob Terry tries to spin it as a minor issue but this is a disaster. Across the UK Bulletin Board Morons are feeling the pain as the shares have plunged to 12p. Guys you should have listened to The Sheriff of AIM with my many red flag warnings (another one today HERE) rather than slating me. You can all buy me a drink after the AGM next week to say sorry.
The statement is a gem. Quindell states:
Considering the significant growth of the Group in recent years the Company has today been advised that it has not been able to satisfy Listing Rule 6.1.3 at this time, and particularly, the criteria in Listing Rules Guidance Note 6.1.3E (5) which states that an applicant may not be eligible if its business has undergone a significant change in its scale or operations during the period of the historical financial information, being the last three years' audited accounts.”
Rob Terry added:
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