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

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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