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

They did it with plus500. Claimed the company didn't exist or something along those lines. Scum of the earth.

From Greets

When will telematics news be released by Quindell? - April 21, 2015

Many, including myself expected news about telematics contracts to be made after the vote to proceed with the Slater and Gordon deal.

Since the EGM no news has been released and we are therefore left to speculate as to what is happening.

My sources have indicated contracts have been signed with major car manufacturers and American insurance companies.

It remains to be seen if Quindell will provide information on these contracts to their shareholders in the next few weeks or if we will have to wait for the conclusion of the Slater and Gordon deal.

In the meantime I have established the following.

American Insurance Company

United Services Automobile Association (USAA) is one of the States biggest banks with assets of over $212bn. Please refer to Page 28 of Fortune Magazine for more detail (see here)

Himex have a log in page for USAA customers ( see here). Speculating this probably means a contract exists between USAA and Himex. We wait to see the extent of this contract, but based on the size of the USAA customer base you would expect this to be a significant contract.

Car Manufacturers

Will Quindell be making announcements about the contracts they have with major car manufacturers such as BMW?

The news will come, but when is the question.

Quindell negative news and the implications. Posted on the Word on the street ,website
Posted on April 22, 2015 | Leave a comment
Anybody investing in Quindell at the current share price of 126p, is, when you take into account the returns from the sale of part of the business to Slater and Gordon, buying into a technology based business.

This business will be composed of Quintica, Ingenie, Connected Car Solutions, Himex, Inter8, Evoji, Road Angel, Fleet Daddy, Global360net etc.

All of these business any new investor is acquiring for less than 0p.

Implications for Shareholders

Share price calculation: Slater and Gordon deal (sp £1.45) – debt (sp £0.11) + NIHL upside (sp £0.34p) + PT Health, assuming not a core business (sp £0.11) = £1.79 share price. This doesn’t factor in the value of the parts of the businesses listed above.

Shares bought today for £1.26p based on what we know now will be in the future be worth £1.79 + value of the parts of the businesses listed above.

The Negatives

The only issue is if any negatives exist that shareholders don’t know about.

If negatives are known about the Quindell board are legally bound to inform the market as soon as they become aware of these. It would therefore be logical to assume they know of no negative news.

In the worse case scenario if we have negative news, the impact of this news should easily be offset by the share price being undervalued (£1.79p – £1.26p = 53p buffer) plus value of the parts of the businesses listed above.

If any negative information materializes, provided it doesn’t have more than a 29% ( 53p buffer) impact on the share price the upside for shareholders is still the value of the parts of the businesses listed above.

Conclusion

As this is Quindell, based on past events, it would be logical to expect some negative news.

The above calculations however would indicate that any negative news would have to be significant and result in a 29%+ share price fall from today’s levels for shareholders to experience a loss based on a share price of £1.26p

Quindel Short Position 24th April.
Posted on April 24, 2015 | Leave a comment
Many of those that have been shorting Quindell have closed or are closing their short positions.

Robel S.L. are the last major player to hold a Quindell short position. Their last report to the FCA indicated they have reduced their declared position by 0.20%.

Roble had a declared short of 1.94% on Thursday 23rd April, that’s 8.5m shares required to close.

This reduced to 1.89%. Declared latest short position as per FCA register on Friday 24th April.

News

Disposal Update
On 30 March 2015, the Company announced that it had entered into a conditional sale and purchase agreement to dispose of its Professional Services Division to Slater and Gordon Limited ("Disposal") subject to certain conditions.

The Board is pleased to announce that the approval of the Solicitors Regulation Authority was received today and the Disposal remains conditional upon the approval of the Financial Conduct Authority.

Further announcements will be made by the Company in due course.

the stock is on the bounce today as we reach the end of the month with good CANDLESTICK close yesterday.
slowly they have let the stock drift everyday for the last week

Disposal Update

On 30 March 2015, the Company announced that it had entered into a conditional sale and purchase agreement to dispose of its Professional Services Division to Slater and Gordon Limited ("Disposal") subject to certain conditions.

The Board is pleased to announce that the approval of the Financial Conduct Authority has been granted and the Disposal is now unconditional. Completion will take place in due course and a further announcement will be made by the Company upon Completion.

Completion of the disposal of the Professional Services Division
Board Appointments
Completion of the Independent Review and other matters
"On 8 December 2014, the Company announced that PricewaterhouseCoopers LLP ("PwC") was being engaged to carry out an independent review into, inter alia, certain Group accounting policies and expectations as to cash generation into 2015.

PwC's review is now complete and as previously detailed on 30 March 2015, it has identified that certain of the accounting policies historically adopted by the Company, in respect of recognising revenue and deferring case acquisition costs in a number of the Group's disposed of businesses, were largely acceptable but were at the aggressive end of acceptable practice. PwC also identified that some policies were not appropriate, principally the noise induced hearing loss cases revenue and related balances that became significant during 2014.

Having undertaken its own review and considered the findings of PwC, the Company has concluded that it will adopt a more conservative approach to accounting for revenue and profit in respect of the now disposed of Professional Services Division. The Company will provide a definitive view of the historical results on a more conservative approach and the changes will result in a reduction of revenue and profit. The Company is in discussions with its auditors as to the financial effect on its historical results, and the conclusions of such discussions will be included in the audited results for the year ended 31 December 2014 which are expected to be published prior to the end of June 2015."

Whole RNS here: http://www.moneyam.com/action/news/showArticle?id=5046447

Major Board changes at Quindell following disposal

still no easier to judge the company's worth ..... certainly not comfortable that they admit to o'stating profits for at least several years

surely one to AVOID FOR NOW

Yes, I dumped my stock a few days ago at a small profit and am very glad to be out!

I still have a small holding - up @49%.

Good luck. I had far too many at various prices to be comfortable.

From HL :-

"Shares in Quindell are a speculative 'buy' for the Sunday Times's Inside the City column. Yes, the company has been a "corporate basketcase", having lost 90% of its value after a short-selling attack that led to the departure of its entire executive team. But "it is all change these days" with a £600m-plus wodge of cash in the bank after selling its legal services unit, a new crop of directors including former Conservative party leader Lord Howard of Lympne, and the only remaining business its telematics arm. This division, which uses "black boxes" to monitor driver behaviour, has drawn the interest of tycoon Edi Truell, who has made a reported £60m offer. Quindell has said nothing about the bid and next month it is due to reveals annual accounts that reflect new management's more "conservative" accounting practices, which could look "very ugly". But this recommendation is about looming cash return of which, potentially, there's a lot to share around."

>

Looks more like wait and see to me, more of a breakdown than breakout.,.



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A Quindell update...
It's been a while since I have written anything on Quindell so I thought I would put together a piece for loyal Betaville readers and followers of the company.

Top sources tell me that Quindell - which recently completed the sale of its professional services division to Slater & Gordon for £640 million - has now received a takeover offer of between £20 million and £30 million for PT Health, a Canadian healthcare and rehabilitation services company.

Quindell has also had offers totalling around £30 million for other parts of the business, according to my well-placed sources.

Now to be clear, a spokesperson for Quindell declined to comment on the above although "people close to the company" claimed the information isn't correct.

Still, I'm inclined to go with my sources on this one as they have been absolutely on the money on this story since I first revealed Slater & Gordon's interest in purchasing Quindell's legal services division earlier this year.

Once Quindell completes the disposals of these non-core divisions, it will be left with Himex, a black box monitoring system for cars, and the Ingenie insurance brokerage, which uses telematics to broker car insurance policies.

The board is also planning to begin the process of handing back around £500 million to shareholders via a share reconstruction after Quindell restates its accounts.

Quindell's auditors are due to hand back its accounts on June 23rd, according to my sources, so the market should see the company restate its accounts later this summer.

Although the restatement of the historic accounts is likely to involve some big numbers, I have been told most of it is connected to the disposed professional/legal services division. Quindell may even get a tax credit to offset future tax on profits following the restatement of accounts, according to my sources.

Meanwhile, the return of cash to shareholders is expected to begin in Autumn 2015, possibly via a share buyback.
Posted by Ben Harrington at 09:10 No comments:
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