From Gotham City to Fidelity and Canaccord: The unfortunate tale of Quindell’s share price November 18, 2014 You'd be forgiven for forgetting the full detail behind the story of Quindell – here, we wrap up the last seven months of headache-inducing stories that kept the insurance outsourcer in the headlines. April 23 – Mysterious short seller Gotham City Research publishes a 74-page dossier, claiming Quindell had “magical… paper profits” and raising [...]
Quindell share price falls as chairman Rob Terry steps down November 18, 2014 Chairman Rob Terry and non-executive director Steve Scott are leaving Quindell with immediate effect, while Laurence Moorse will remain at the company for 12 months after the 2015 annual meeting, the company confirmed this morning. Quindell investors appeared flummoxed by the news, with shares rising as much as 15 per cent on opening, but [...]
Rob Terry departs Quindell: How Gotham City got its man November 17, 2014 Quindell, the London stock-market listed group targeted for months by a short-selling research group Gotham City, was yesterday forced to part company with its chairman in an effort to restore investor confidence. The decision that Rob Terry should leave came hours after it was announced that broker Canaccord Genuity had quit on 21 October, ahead [...]
Canaccord departs Quindell: When a listed company’s broker quits, it usually means bad news November 17, 2014 Brokers to stock-market listed companies tend to stick around for the long-term, so when they exit abruptly there is usually a good reason for it. Canaccord’s departure from Quindell appears to have taken the market by surprise, but its decision to go follows a controversy over share-dealing by the directors. In May 2008, less than [...]
Quindell share price falls as its financial adviser and joint broker Canaccord Genuity resigns November 17, 2014 Shares in insurance services firm Quindell have taken another hit, as its financial adviser and joint broker Canaccord ended its relationship with the company earlier than expected. Shares fell 24 per cent as markets opened, to 52 pence per share. In an update to the City this morning, Quindell said the firm submitted its one-month [...]
Quindell silent as investors mull MBO amid hedge fund rumours November 16, 2014 Insurance services firm Quindell has declined to comment on investor speculation that the company is seeking a cash injection in order to carry out a management buyout (MBO). The firm is reported to be in talks with several hedge funds in a bid to gain fresh capital, and shareholders have flagged up the possibility that [...]
Quindell share price dives as Fidelity cuts stake in half November 13, 2014 Shares in Quindell have dived again after investment firm Fidelity revealed it has cut its stake in the business by half. Fidelity, one of the of the world’s largest investment companies and Quindell’s biggest institutional investor, reduced its stake to just over 21.4m shares from 41.2m reducing its stake from 10 per cent to 4.9 [...]
Quindell share price spirals further November 12, 2014 Quindell shares plummeted almost 20 per cent this morning, extending this week's losses, which took it to a three year low yesterday. The stock has already fallen 36 per cent this week, closing at 75.5p per share yesterday, then plummeting as low as 61p per share this morning. The insurance outsourcer has had a torrid [...]
Quindell share price plummets as confusion over share dealings reigns November 10, 2014 Confusion surrounding the convoluted share dealings of three of Quindell’s largest individual shareholders caused havoc for the price of the insurance outsourcer. Last Wednesday, Quindell said its chairman, finance chief and a non-executive director had entered into a loan facility to borrow £8.76m, secured against their own shares, in order to fund the purchase [...]
Quindell share price dives on director dealings and share purchase clarification November 10, 2014 Quindell has been forced to clarify details of a share purchase made by its three directors last week, sending shares down more than 20 per cent in early trading. Chairman Rob Terry, finance director Laurence Moorse and independent director Steve Scott spent £2m buying up 1.575m shares at around 123 pence per share. The purchase [...]