Quindell – it needs to come clear on the paydate change & how it affects cash claims

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.

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