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?Read the full article on ShareProphets | Comments