Bought in today... have missed out on the impressive gains so far but solid progress is being made here and a good story developing so it looks good for more gains in the near future (imho)....

Quindell Portfolio, the brand extension company, says trading has continued positively in the period under review, building on the strong performance delivered by the Group in the first half.

The company expects to be significantly ahead of market expectations for the 15 month period ending 31 December 2011.

The Group announced back in October that it had won contracts with six established brands and one exciting new digital brand within the insurance, telecoms and utilities sectors, including for the first time, solar energy; and that revenues for 2011 were expected to be ahead of market expectations.

Since then, the Group has won further major contracts with established brands within the telecoms, utilities, on-line education and insurance sectors for both its technology enabled business process outsourcing division and software solutions division.

In aggregate, these contract wins could contribute over £6 million of annualised revenues. In addition, the Group has acquired two further businesses, Maine Finance and, most recently, Mobile Doctors Group Plc.

Margin performance has also been strong and, for 2011, margins are expected to be between 35 and 40 per cent. within its technology enabled business process outsourcing operations

Cenkos: buy - don't see target price

sp is all over the place in seconds

well the euphoria didn't last long at all ..... indeed, though i have yet to read it properly, i think FT was pretty scathing about their accounting methods ..... a "buy" this is NOT!

Don't like the look of this today.

personally, i think QPP are pissing against the wind ..... this edited little snippet from reuters yesterday was quite interesting ....

Quindell Plc said it is exploring a U.S. stock listing and will not immediately re-apply for a premium listing in London.

"Even though we may not look to list in the UK in the near future, that doesn't mean we wont look at the U.S. We are looking at all options," Chairman Robert Terry told Reuters.

The company said in June that its application for a premium listing on the London Stock Exchange had been turned down. ...

Quindell, which has a market value of about 920 million pounds ($1.5 billion), said it did not meet a rule that its business should not have undergone significant change in scale or operations over the previous three years.

Quindell has started legal proceedings against Gotham City Research and a blogger who it says made defamatory statements about the company.

Terry said that Quindell was seeking unspecified monetary compensation from the short-seller.

=============

i don't think QPP has a hope in hell of making any charge stick, and nor would it surprise me if NY turned down an application for listing on any meaningful exchange

from today's FT to support the above .... the whole is quite long so i just post an essence

=================

Revenues increased 119 per cent to £357m in the first half of 2014 year-on-year, with acquisitions representing less than 10 per cent of the total, the company said. Profit before tax tripled to £153.7m.
However, those financials are doubted by some fund managers, who note that sales are recognised months before payment is received.
........................
“Quindell looks cheap on conventional valuation metrics,” said analysts at its broker Canaccord, who estimate its share price is equivalent to four times this year’s expected earnings and its enterprise value is less than three times earnings.
“For the market to seriously consider these numbers, we believe Quindell will need to deliver on its quarterly cash forecasts” for the remainder of 2014.

quite a day! blue Tuesday ahead me thinks
have a great weekend all

interesting day ahead

qpp / rac deal confirmed - extract:

'RAC is set to launch its own insurance programme later this year based on telematics, like the black box in an aircraft. Customers will be able to reduce their premiums if the telematics box proves they are a careful driver. '

Read more: http://www.thisismoney.co.uk/money/markets/article-2734122/RAC-revs-stock-market-float.html#ixzz3BTg81Y76

recovery play

Update on Connected Car Solutions

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces the restructuring of the terms of its joint investment with RAC in Connected Car Solutions ("CCS").

On 7 April 2014, Quindell announced a joint investment with RAC in a new company, CCS, to distribute Quindell and RAC's combined connected car capabilities. Due to market conditions beyond the control of either Quindell or RAC, the parties have concluded that it is not the best use of capital for either party to finance a free telematics roll out to consumers as initially planned. It is now in the best interests of both parties to restructure CCS and for Quindell to acquire RAC's interest in CCS and continue their strong working relationship both in respect of existing contracts and in the future.

· Terms of the restructuring; Quindell to achieve 100% ownership of CCS
o Quindell acquires all of RAC's shares in CCS so that Quindell now owns 100% of CCS
§ Net cost of the restructuring to Quindell is £3.5m (payable in cash over 18 months), gross £18.5m offset by RAC cash payments of £15m from RAC in consideration of the revised contract terms set out below
§ Quindell capex for RAC box roll-out eliminated with positive impact on Quindell's previously forecast cash flow in 2014 and 2015 of c. £10m and c. £20m respectively
§ Quindell now benefits from 100% of the profits from CCS ensuring this restructuring will not negatively effect Quindell's profit expectations, now to be delivered on lower turnover with an improved cash profile
§ Quindell retains over 600,000 connections (including c. 200,000 phone-based apps) of which c. 50% are in the territory covered by CCS
o RAC buys back its brand licence, customers and sales pipeline in relation to telematics (c.7,500 connections plus sales pipeline primarily in fleet)
o RAC acquires an independent license for certain device-based Quindell and CCS telematics technology with no future royalties or license fees to pay to Quindell or other CCS related parties for its use (excluding Himex Digital World technology)
o Those warrants in Quindell issued to RAC (as part of the joint investment arrangements announced on 7 April 2014) over 16.67 million shares (post consolidation) are cancelled
o Those warrants in Quindell issued to RAC (as part of outsourcing contract announced on 3 April 2013) over 16.67 million shares (post consolidation) remain and are subject to the initially agreed lock-in arrangements

· RAC and Quindell continue to have strong and significant ongoing relationship with future opportunities for further collaboration
o Quindell to continue executing on existing five year outsourcing contract with attractive cash profile
o Contractual arrangements between Quindell and RAC in relation to achieving scale purchasing benefits for telematics including hardware and telecoms contracts
o Quindell continues to be a core technology supplier to RAC
o Intention for Quindell to process claims arising from RAC's telematics for breakdown members
o Quindell and RAC are discussing the use of Quindell's ingenie insurance proposition for RAC members

· Quindell Board confirms confidence in a target of 12 million paying subscriber connections
o Quindell currently has over 600,000 connections (including c.200,000 phone-based apps) in global connected car solutions, growing rapidly, through new and existing relationships
o Net connections are expected to grow at a rate of c. 20,000 subscribers per month in 2015

· The revised terms allow Quindell to offer a single connected car strategy across all global markets and brands including in primarily consumer brands: ingenie and Road Angel

· Quindell Board re-affirms market guidance for 2014 and beyond

Canaccord comment:
"Impact on the Canaccord Genuity view
We believe the uncertainty on the status of the CCS JV has weighed heavily on the shares. Today’s announcement provides a quick resolution as well as brings more consistency to Quindell’s global telematics strategy. Quindell will pay the RAC £18.5m to buy out the RAC’s stake and license certain RAC IP (such as collision detection). This is offset by the RAC’s £15m cash payment to Quindell to buy back its brand licence (such as RAC Driver Score), customers (c.7,500 connections) and sales pipeline. Importantly, the working relationship between the RAC and Quindell remains strong as evidenced by the solid endorsement from the RAC’s CEO in today’s statement. Quindell will continue to process 100% of claims arising from the RAC’s telematics for breakdown members. Separate to CCS, Quindell’s telematics proposition continues to build momentum with a current run-rate of 10-15K subscriber additions per month (primarily from the US). Quindell anticipates this run-rate to reach 20K subscribers per month in 2015.
We have eliminated the CCS JV from our forecasts (Figure 1 on next page). We had previously fully consolidated CCS into the P&L with a post-tax minority. This results in our FY14E and FY15E revenue declining by 1% and 10% respectively. Our FY14E EBITDA is broadly unchanged and we maintain our FY15E EBITDA forecast by increasing our margins from 36.5% to 40.2%. Overall, our diluted EPS forecasts in FY14E and FY15E increase by 3% and 10% respectively due to a lower share count.
Valuation
We maintain our BUY recommendation and 362p price target. Our target price is based on our adjusted Quest™ fair value and equates to a FY14E EV/EBITDA of c.5x and P/E of c.7x, still a material discount to its quoted peers."

after an initial rush of enthusiasm, the bears are gaining the upper hand once more

Court judgement won against Gotham City Research

Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that it has received judgement in its favour in its libel action against Gotham City Research LLP ("Gotham").

On 22 April 2014, the Board of Quindell announced that it was aware of a publication by Gotham and that it rejected the assertions raised in that note and considered that note to be highly defamatory, deliberately misrepresentative and that Quindell entirely rejected the conclusions that were made.

On 30 April 2014, libel proceedings were issued in the High Court against Gotham on behalf of Quindell and others. On 23 July 2014, the High Court granted permission for the Claim Form and Particulars of Claim to be served out of the jurisdiction on Gotham in Delaware and these were validly served on 29 July 2014. Gotham failed to provide either Acknowledgement of Service or a Defence.

The Board of Quindell announces that it (and its fellow Claimants including Robert Terry, Chairman of Quindell) has now received judgement in their favour from the High Court against Gotham.

The process of the evaluation of quantum in damages will begin at the end of November 2014.
Tony Bowers, Senior Independent Director and Vice Chairman of Quindell said: "We are pleased that following the co-ordinated shorting attack led by Gotham and others, we have been able to successfully win judgement from the High Court in our claim for libel against Gotham.

Whilst it is disappointing that Gotham has not been prepared to submit itself to the scrutiny of the English Courts, we have consistently stated that we believe the Gotham publication was both defamatory and deliberately misrepresentative and it is pleasing to receive validation of our claim and success in this matter. The Company will continue to pursue actions of this type, where necessary, to protect its reputation and the best interests of its shareholders."

Presumably Gotham are happy that they will still be substantially in pocket from their short position, even after paying damages.

And they probably hedged the decision! :-)

definitely one against the head for all that

Gotham dont give a flying -uck.

They are untouched by this action.

Under the Speech Act passed in the US in 2010 the judgement is 100% unenforceable in the US.

Quindell can brag on about a hearing in November will set damages etc etc. but the reality is it won’t be able to enforce collection of a cent/penny.

Main thing is the High Court decision in favour of Quindell not just the claim for damages because it cast's doubt on Gotham's claims again

A moral victory yep, but for how long??.