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The Quenron (QPP) shareholder register as at 30th June has thrown up another couple of stinking fish carcasses. They concern Himex.
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Comments
Bruce
Who is on the other side of the lock-in contracts, and can therefore release the obligations, and indeed has to enforce them?
Batman
hahaha this company never ceases to amaze – and the FCA continue to piss around…absolute farce. I think shareholders should look to bring a class action against the market regulator as the negligence being shown here is disgraceful. How has this stock not been suspended yet? Anyone who has been allowed to purchase shares since FCA first got notified of this should be able to seek damages. Idiots
J.A.
This type of evidence points to a siphoning away of value while directors buy token amounts to sustain PI faith and an improved exit price for their associates.
QPPSAG is treated like a cash cow and they simply kneel before their masters to take it in the face time after time. This is reminiscent of RRL and the constant erosion of value with shares issued for vague loan fees and 400% dilution, the writing is on the wall there as well.
alcira16247
Tom
Do you mean, good old Hassan sold his entire shareholding, including the
10,687,222 shares he held after Quindell reversed into Mission Capital?
Dear Lord, the man seems to be a serial Quindell share dumper!
Stipe123
Great digging Tom. Out of interest, where can you find full shareholder lists like this? I looked at Companies House, but didn’t see anything that was obviously a quarterly register.
mjnandrew
Robbing from loyal, deranged qppsag members …transferring cash to bezzy mates. Simples. Bandits. The regulators are axxxholes.
J.A.
Do companies generally push back a salary date to defer opex into the next month because they’re rolling in cash? Do they publically ramp the value of potentially sale-able assets because they’re wiping their arses with twenties? They do not. This is pure hype to keep PIs onside.
Those close to the company have been selling out as fast as they can with no regard for an agreed lock-in and QPP/Cenkos have done zilch to prevent it. The NOMAD should have raised this and perhaps they have but QPP have let the matter slide. This stinks to high heaven whatever the scenario if it’s been tacitly permitted and you have to wonder who benefits from this value stripping. Rats and sinking ship springs to mind.
I dare say Sadiq and Dawson will pick up Himex for a song when the administrators move in. The technology is sound but the shares-for-mates scam is a mile-high warning sign.
alcira16247
Tom
As you and others continue to highlight, the Himax deal is suspect in many aspects and seems that Quindell shareholders interests were not adequately safeguarded.
With Mr Terry’s and Mr Sadiq business history and that Sadiq was a large shareholder in Quindell, suggests the sale of Himax was not a arms length transaction and begs the question, why no merchant bank was involved to ensure valuations paid were fair and justified?……17 July 2013 – RNS Himex Deal Announced
According to the London Stock Exchange website the share price on 16 July (day before announcement) and 17 July (day of announcement) 2014 was 10.75p
Value of share consideration is “circa” 64.8m x 10.75p = “circa” £7 million
Consideration is £1.8m cash PLUS £7m in shares = £8.8 million
Stake acquired 19%
Therefore, implied valuation of Himex = £46 million.
Then – 18 February 2014 – RNS ( just seven months later )
Group announcement increase stake by 66% to circa 85% ( Himex Investment )
Share consideration is 325m in shares x 39.625p per share = £128.8 million
Consideration is £23m cash PLUS £128.8m in shares = £151.8 million
Stake acquired 66%
Therefore, implied valuation of Himex = £230 million.
5 x increase (c.400%) on the previous valuation data point (216 days prior)!!!
All the more remarkable given that no financial details on Himex were ever disclosed!
Certainly a sweetheart deal, but not for Quindell’s shareholders, I would argue!