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Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.


QPP

Rob Terry of Quindell in his own words on a Full Listing and WHY DID IT FAIL?

Rob Terry of Quindell (QPP) did a soft interview with BRR on 8 March 2014. You know the sort where the company pays to be asked easy questions. When asked about a full listing (which failed today see HERE) and how long it would take Terry said:

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Comments

  1. The explanation in today’s FT (page 20) is a bit less sensationalist.

  2. 27 June 2014
    Freedom of Information: Right to know request
    Thank you for your request under the Freedom of Information Act 2000 (‘the Act’), for
    information (in summary) relating to Roble S.L.
    I confirm that we hold information that falls within the scope of your request. However, we are
    not able to give it to you because this is confidential information which was received by us for
    the purposes of carrying out our regulatory work under the Financial Services and Markets Act
    2000. This means that this information is exempt from disclosure under section 44
    (Prohibitions on Disclosure) of the Act. For a more detailed explanation as to why this
    exemption applies please refer to the annex, below.
    I realise that you may be disappointed with this decision but I hope you understand why we
    are not able to give it to you.
    Yours sincerely
    Information Access Team
    Your right to complain under the FoI Act
    If you are unhappy with the decision made in relation to your request, you have the right to request an internal
    review. If you wish to exercise this right you should contact us within three months of the date of this response.
    If you are not content with the outcome of the internal review, you also have a right of appeal to the Information
    Commissioner at Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, Cheshire SK9 5AF.
    Telephone: 01625 545 700. Website: www.ico.org.uk
    Annex A
     Section 44 (Prohibitions on disclosure)
    Section 44(1)(a) of the Act provides that information is absolutely exempt if its
    disclosure (otherwise than under the Act) is prohibited by or under any enactment.
    Section 348 of FSMA restricts the FCA from disclosing “confidential information” it has
    received except in certain limited circumstances (none of which apply here).
    Confidential information for these purposes is defined as non-public and non-anonymised
    information which relates to the business or other affairs of any person and which was
    obtained by the FCA for the purposes of, or in the discharge of, any of its functions under
    FSMA and which is not in the public domain. Disclosure of any such confidential
    information is in breach of section 348 of FSMA and is a criminal offence.
    In this case, the information received by the FCA was received for the purpose of
    carrying out our regulatory functions and so falls within Section 348. Consequently the
    FCA is prohibited from disclosing it to you.
    Section 44 is an “absolute” exemption, and so it is not necessary to balance the public
    interests for and against disclosing the information.

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