3475 days ago
Hapless lapdog broker to Quenron (QPP), Cenkos has admitted that its client has “streamlined” its payroll procedures, Quindell has not clarified what occurred but in light of its claims about its cash position it needs to do so fast.
Quindell claims that net cash was pretty much unchanged between end June and end September at £19.7 million. However it claimed in August when publishing its interims that net cash had increased in July which means that it fell in August and September despite the company netting a windfall of up to £10 million from flogging shares that it had issued to itself when buying PT Healthcare.
I put it to you that the underlying cash position is grim, may well because Reg cap if not operational issues and that trends in recent months are adverse. The Reg cap issue is – I am sure – being monitored closely by the FCA.
However we now come to the issue of when staff are paid.
3502 days ago
We know that as at June 30th 2014 Quindell (QPP) held 6.67 million shares which it had issued to itself to buy PT Healthcare in Treasury. One assumes that it did not deal in a closed period so they were still there as at August 22nd. Are they there now?
3572 days ago
Oh dear. How Canaccord must wish that it still had a proper analyst covering Quindell (QPP). But Kevin Ashton asked too many hard questions of Rob Terry and so found himself on gardening leave. His replacement – Arun George – published a 54 page note yesterday (slashing his target price by 70% and slashing earnings forecasts – see HERE) but absolutely tied himself in knots on PT Healthcare. This is a shambles from the house broker and begs even more questions.
Arun states on PT:
3577 days ago
Why oh why will Quindell (QPP) not answer these SEVEN critical questions about the acquisition of PT Healthcare? What is it not telling us? Over to you Mr 2+2 can = 5: answers please. Or maybe broker Killik might care to answer these questions before urging its clients to buy? Perhaps analyst Kevin Ashton of Canacord might care to answer? Oh no...he's not there any more, I do wonder why?
By way of background PT Healthcare first came onto our radar on September 26th 2013 when Quindell bought an initial 26% stake in what was described as “leading provider of healthcare and rehabilitation services with over 100 physiotherapy and rehabilitation clinics across Canada.” Quindell insisted that the deal was “highly accretive “as EBITDA in the year to March 31 2013 was c $7.7 million. Hmmm –one senses the I number since all clinics are owned on leases – was rather large.
3583 days ago
To forget to issue shares which you said you were issuing once is arguably excusable. To forget to issue shares that you said you were issuing a second time starts to look like carelessness. Why oh why do the vendors of businesses to Quindell (QPP) not seem to care that they are not being issued with the shares they are owed. I forced a statement on this matter with PT Healthcare (see here) now I turn to Iter8.
3583 days ago
I am sorry to be a bore but I have another question about Quindell (QPP) and shares. Yesterday I asked if it had issued 6,666,666 shares to itself to buy shares to increase its stake in PT. It has not answered THAT question. Before that I wondered why it had not issued shares for iter8. It has not answered THAT question. Now I ask if Quindell has been dumping shares in itself without letting us know? I cannot believe that it has but perhaps Quindell might clarify this matter too.
In the annual report (page 69 Note 1) Quindell States:
3587 days ago
We still await answers from Quindell (QPP) on why it has apparently NOT issued shares it said it would for the purchase of iter8 (see HERE) but now attention turns back to PT Healthcare where the questions mount by the day. But will Quindell answer them. And if not why not?
I revealed in June that Quindell had not actually issued 6,666,666 million shares to increase its stake in PT on March 28th as it had said it had done. Belatedly Quindell then issued the shares but lied as it did so see HERE. But to whom did it issue those shares?
We pointed out that the original tranche of shares issued to PT were not issued to the vendors but to PT itself (which is controlled by Quindell because Quindell has an option to go to 100%, now owns 49% and is also providing the funding to keep PT going) PT appears to have sold some of those 31.5 million shares (pre consolidation numbers) last Autumn without Quindell telling us as I pointed out HERE.
So to whom were the second tranche of shares issued? To the vendors of PT or to PT itself. Put another way has Quindell issued shares to itself?
Page 85
3593 days ago
Over the weekend I asked why Quindell had NOT issued 100 million shares to increase its stake in PT healthcare on March 28 as it had said that it had done? It answered that today by finally issuing the shares and telling a lie. I then fired over more questions on PT which Quindell refuses to answer.
On 26 September 2013 Quindell stated that it had bought a 26% stake in PT by issuing 31,551,270 shares. But strangely it seems not to have issued the shares to the owners of PT but to PT itself which was – by dint of monies leant to PT by Quindell and by dint of the option agreement to buy the other 74% - deemed as being controlled as of September 26th by Quindell.
This is odd.
3595 days ago
The rules of AIM are pretty simple and are based on the underlying principle that you cannot tell a blatant lie to investors. To do so is arguably market abuse and it is certainly a breach of AIM rules. If the AIM Cesspit is to have any credibility those who break the rules must be punished and punished publicly. I have therefore written this morning to both the FCA and to AIM Regulation asking both to launch an urgent investigation into both Quindell PLC (QPP) and its Nomad Cenkos after today’s PT healthcare RNS farce/lie.
The letter follows.
Dear Sirs.
As a great supporter of the work you do to retain the high standing of the AIM casino I feel duty bound to bring to your attention the activities of Quindell PLC and its Nomad Cenkos. To issue statements via RNS or in an annual report which are not true
3595 days ago
Quindell (QPP) has today issued an RNS which is a blatant and demonstrable lie. Go on sue me Rob Terry – your company has lied. The issue is the 100 million shares it was meant t have issued to increase its stake in PT healthcare from 26% to 49.9% on March 20 2014. Over the weekend I pointed out that it had in fact NOT issued these shares as it claimed in its prelims and annual report HERE.
Today Quindell has stated (the underline is mine):
3597 days ago
As you know I am thick as two short planks and so I am sure that there is a perfectly reasonable explanation for what appears to be another red flag in the ever growing red flag forest at Quindell (QPP). Perhaps a Bulletin Board moron out there can enlighten me regarding the missing 100 million shares?
On 26 September 2013 Quindell announced that it had bought 26% of PT Healthcare by issuing 31,551,270 shares. Do not worry about what it does, Rob Terry told us that it would be earnings enhancing so that’s alright. Quindell said that it had an option to buy the rest of PT for 242 million more shares which lapsed on April fool’s day 2014.
Now please turn to page 18 of the Quindell Annual Report which must be an accurate document sine it is signed off by KPMG. On that page Rob Terry states that:
