UK 11:26 Sunday, 4 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. 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.
This came onto my desk yesterday and is a true horror story (unless you are a bear). Of all of the stinking Quenron subsidiary accounts to emerge so far this is arguably the one that stinks the most. But I still have plenty more to go through so I will not award the “stinkiest Quenron subsidiary accounts 2013” title just yet. I covered the POS that is Maine Finance Ltd in a preliminary way yesterday night in a 40 minute presentation showing clearly that Quindell was a fraud and worth 0p. The video of that talk and accompanying slides will go live within 36 hours and the 2 PLC FDs in the room were horrified by what they heard. But back to Maine Finance Limited.
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Comments
zeronegative
Hi Tom,
I see rumours going around of a £140mil offer for part of QPP which produces 4% of the profits (bollocks I know but let them have their fun). Don’t they have to release an RNS if this was true?
Anyways, perhaps the next competition can be guessing which of the 191 subsidies this may be.
alcira16247
Tom
Hat off to you, again!
Great article on yet another shocker, perpetrated by this serial wrongdoer!
Share price is tanking towards its 137p, support line. If it breaks through it, next stop is 90p!
No wonder the Quindell fans on the bulletin boards are getting nervous! At the moment, seems like the coffin lid is ready to fall!
Woody Ash
Tom
What a laugh your lack of understanding and analysis is.
Can you explain why the note you refer to details “Trade and other receivables” – why not just state that?
Does the note on page 22 stating that the funds were lent to the parent company under group treasury arrangements not clarify matters for you. Do you actually understand group cashflow arrangements and the accounting for them? Do you actually understand group treasury companies? Do you actually understand accounts?
Dominic Cooper
No Woody, nobody on here understands.
Poor, misunderstood, Quindell Portfolio PLC. Awwww. Diddums.
They were only trying to do a fair days work, and make an honest bob.
And nasty pizza delivery boys just never understood.
Only problem is this:-
The market doesn’t understand either.
Of course you may be correct. This may all be perfectly normal, usual, understandable, Group Treasury Arrangements. Don’t know why other, normal, profitable, dividend-paying companies don’t operate such “Group Treasury Arrangements” with their subsidiaries. In fact, I don’t know of any other normal, profitable, dividend-paying company which HAS 190 subsidiaries.
Anyway, no doubt those fund managers – you know the ones with all the knowledge and expertise which you and your fellow morons keep going on about – will soon be buying stock at these unbeleivably low prices.
And when those Group Treasury Arrangements come to fruition, QPP will pay a divi, which will make a return for those fund managers and institutional investors, and the SP will rocket as the shares are more in demand. [That’s not a flying pig going past. It’s Khaleesi, on her way to see me, saying she bored and had nothing to do tonight]
But ask yourself this. If this is a normal arrangement, why does the RNS say that QPP was buying a profitable business for £2.1million that was going to make a return?
boggle
Woody.
Why would an efficient well run company obtain a £5m overdraft facility in an unprofitable subsidiary that has no need of the facility itself. I wonder if money is being transferred around the group electronically or the subsidiaries pass cheques between themselves.
taxidermist
Tom
You are convinced that the SP will go to 0p by 31 March 2015.
Your disclosure says you (I presume, personally) do not have a position in QPP.
Again, Dr Livingstone, I presume this does not exclude the Real Man Pizza company having a short position in QPP. I mean, it would be daft not to.
PS Thanks for the accounts of the subsidiary companies. Keep them coming!
Tom Winnifrith
Taxi
If RMPC had a position Id declare it. Neither I, RMPC, ShareProphets, my wife or any family member has a position in QPP
T
Bonanova
Does your cat have a short position in QPP?
Forty Two
Nice work. Nothing to add. Except to say that my money would be on Ai Claims for the disposal. Fits the 4% of “profits” metric. CC (or whatever the new name is) review was toothless and so this RTA business might just be sold to a mug who hasn’t looked through the past five or so years of companies accounts it has filed (struggles to generate cash, though it just about does, unlike QLS). Them QLS could go after RTA work to make up for lack of cash conversion on Industrial Deafness biz. But they had better move quicko… The piggy bank has a hollow rattle,,,
winsome
QPP should get their profile updated on Google Finance. Just look up QPP at finance.google.co.uk and read their description. It bears little resemblance to the business activities it seems to focus on today. All seems to have changed in the last 12 months. Next year they’ll be selling hollow pork pies and scotch eggs, if they are still around by then.
Tom Winnifrith
Bonanova the only thing my cat is short of is a leg to stand on…a bit like the Quindell buy case.
The only difference is there never was a QPP buy case, Oakley had four ( not 3 ) legs until the cancer and he operation just under two years ago
Kulbas, I also receive no brown envelopes for writing. As I state publicly my only payment is from shareprophets itself.
For the avoidance of doubt my cat, wife etc etc also not getting any brown envelopes.
This is getting almost tiring.
T
alcira16247
Good God!
What would be so wrong if Tom did receive additional remuneration or took a short/long position on companies he wrote about?
Aren’t we meant to be quite sophisticated people capable of independent research before making a decision?
I took Tom’s warnings and dumped my QPP shareholding, and thus saved myself mega bucks, many choose not to and therefore have to live with that decision as the SP has tanked southwards! Point being, we had/have the choice!
Its reported that the day before the Gotham report was released a put option on Quindell of £13.5 million was opened, six days later the option was realised at £85 million! And, you know what? If it was Tom’s option, I wouldn’t begrudge him a single penny of it!
Tom Gilbert
The only thing that doesn’t stink about this is the zero employees bit. Not uncommon for all/most group employees to be employed by a group services company and for the subsidiaries where they actually work to have no employees as a result. Of course if you find lots of employees at most other subsidiaries then I withdraw the comment!
wildrides
Poor old Oakley ……… he has cancer …… loses a leg as a result and then …. to top it all gets accused of being the ring leader in a major shorting campaign of
QPP . What is an honest cat to do ? Oakley must be really miffed .
Woody Ash
Thanks for the responses, interesting that TW hasn’t responded to any of my questions on any of his posts …
I’ve never said that Quindell is perfect or misunderstood, I’m just trying to understand the messages put out by Tom.
Lots of groups have lots of subsidiaries, it is what a group is. Nothing wrong with 190 or 1900.
Group Treasury companies borrow money and lend it to other group companies, nothing wrong with that, keeps the external financing clear. Every large listed group that I am aware of has at least one Treasury company.