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So what is Quindell really worth? Probably not 0p but it could be

Tom Winnifrith Monday 20 July 2015

 

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Shares in the biggest stockmarket fraud for 30 years, Quindell (QPP), are currently suspended at 124p valuing it at around £625 million on a fully diluted basis. But what is it actually worth? Some brokers are marking it down to 0p because of the suspension but it is probably not worth 0p – thanks to the folly of the Aussie prats at Slater & Gordon – but it might just be.

Slater & Gordon paid £647 million for nearly all of Quindell’s businesses. That came in very handy as Quindell was technically insolvent without that cash. The deal has helped to crater S&G’s share price as it grotesquely overpaid for businesses that have simply never generate cash. I have S&G down as one of my top ten shorts for summer – see HERE.

But what of Quindell? 

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About Tom Winnifrith
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Tom Winnifrith is the editor of TomWinnifrith.com. When he is not harvesting olives in Greece, he is (planning to) raise goats in Wales.
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Tom Winnifrith Bearcast: Shame on PWC & Numis, Hat tip Jim Mellon and ouzo for a vindicated Lucian Miers

Jim Mellon says he loves listrening to my podcasts and has sent over a very interesting article following the pulled We Work IPO which I discuss at length. The into PureCircle (PURE) which Lucian has called brilliantly, notably here. Yesterday’s shock warning tells us so much about the disgraceful apathy of folks like Numis and PWC when evidence of aggressive accounting was there for all to see over many years. I discuss another company shown to be swmming with no trunks. It will not be the last.

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