Quindell (ie Watchstone) faces Canadian lawsuit - when was it planning to tell us?

Comments

1. ---

   Phil

   8 January 2016, 07:36

   I still believe that Quenron will go to 0p, whatever they want to call it.

   I think Terry created Quenron as a fraud, to be a fraud and in the fullness of time none of the assets in it will be able to pay the costs.

2. ---

   Laurence Smith

   8 January 2016, 08:22

   Total sham of a company. Disgusting that it is still allowed to go forward and destroy any remaining value with total ineptitude and arrogance. Good chance that anyone who knew anything about the programs sold by Terry are long gone. How could they succeed. I feel for any honest people left working there. If there are any.

3. ---

   filthy lucre

   8 January 2016, 09:33

   IF as you say there are only a few employees left in Toronto, this is not surprising.
   COULD be another withdrawal from non-core (if you are right).
   The claim seems relatively, quite small.
   The market seems pretty sanguine about it.

4. ---

   Juicin Drumroll

   8 January 2016, 12:12

   Just what is WTG’s business these days?

   What do they do?

5. ---

   warun boofit

   8 January 2016, 14:06

   Quenron seem to me to attempt to own telematics almost like they invented it. The reality is that when the time comes to link the car to the insurance policy via the internet and then pay per mile the big players like Bosch and Densi will take control of what they already consider to be their baileywick, its just a very small extension of the technology they already own. There is no need for stupid extra modules to be plugged in by after market bodgers, I certainly would not want a bodger adding extra modules due to a near death experience caused by a bodger working for one of the national market leading hands free kit installers, I was lucky but I would not give them a second chance to cremate me by setting the car on fire as I am driving up the M5. Quenron have the same problem that afflicts Fitbug and Fitbit, the big players will simply steam roller over them, their only chance is to get bought out but the days of overpaying for tech upstarts is coming to an end.

6. ---

   Lordy Ninty

   8 January 2016, 14:26

   Near as I can make out it is just a bunch of junk software companies that Terry had acquired at the end of their lifecycles to give some illusion of reality behind his lofty sales pitches. That iter8 company in Toronto had cutting edge technology – about a decade ago! and looked to be going bust from lack of sales when they were sold to Quindell. I imagine that not much has changed. Would have some recurring license revenue but not enough to float the rest of the company. They tried to get into telematics but just could not get it going. The UK had that IT Freedom I think it was called. It was a claims and policy system provider that was looking to compete with Guidewire at one point. Of course that did not work out well. They might have one or two clients and I am sure they are as happy at the rest of them. And there is Himex which much has been written on.

   There is the health service organization also in some place called Hamilton Canada. I tried to understand what they do at one point and it appears that they are a call centre that links together small health clinics. I could not fathom great things coming of that. I had saw a Terry presentation that said that they were going go into insurance providers in canada and tell them they could “Heal People Faster” to save the insurer money by limiting the spend they needed. And walk on water no doubt. Truly the best of the snakeoil salesmen pitches.

   Just a collection of junk sadly. Time has gone on but perhaps if they had brought in a real leader when Terry was booted something might have been done. I am never getting my money back out. But at least I have the stories. Almost forgot – the dodgy telecom Quintica. It is – depending on the weather – part of the organization or not. Tossers.

7. ---

   King's Hat

   8 January 2016, 18:50

   All these “companies” that are left were owned by Terry cronies from way back. That IT Freedom is the same Mick Sargent and Andrew Passfield from The Innovation Group days and other shady Terry dealings no doubt. That iter8 “company” is Timothy Scurry and Paul Reed also TIG cronies. And we all know the story of Mister Sadiq from the TIG days. And he was of course Himex. It is all an, albeit elaborate, scam. It would seem that this particular scam was put in motion some time ago. These companies were “established” and run and then conveniently bought by Mr. Terry at just such a time that they seemed to bolster the believability of the Quindell story. And they all sit around and count their money while we dummies bought in. How do they sleep at night.

8. ---

   Drunken Sailor

   9 January 2016, 08:36

   In a vane attempt to compete with Nigel for his crown of king anorak I note that WTG filed an SH01 on 6 Jan for shares issued on 16 Dec ie pre consolidation and presumably post court hearing on 16 Dec and in time to receive the 90p as the record date was 17 Dec.

   The SH01 says:

   3,909,091 shares were issued for 33p very nice instant £2,228,181.87 no risk instant profit for someone there!

   There is a block listing application RNS dated 8 Dec which says:

   The Company announces that an application has been made to the London Stock Exchange plc for the admission to trading on AIM of a block listing of 6,065,341 ordinary shares of 15 pence each in the capital of the Company (“Ordinary Shares”).

   These Ordinary Shares are being reserved under a block listing to be issued as a result of the exercise of existing share options pursuant to the Company Share Option Scheme.

   It is expected that admission of these Ordinary Shares will become effective on 11 December 2015.
   .
   6,065,341 is the number of in the money options that were left after they paid cash of £11.15m to buy out 10,351,436 options (£1.07 per option). 3,909,091 was the number of 33p options the other 2,156,250 were at 68.65p but were not exercised (Jim Sutcliffe and Richard Rose were awarded options at that price).

   There has been no RNS saying that the shares were issued and we do not know who they were issued to. The 2014 Annual report tells us the 33p options were granted on 18 Dec 2014 under the group’s unapproved share option scheme but does not say who got them and I can find no RNS at the time of grant that tells us either.

   So how about an RNS now telling us who got that risk free £2.2m windfall at the end of the year as well as an RNS telling us about the law suit.

9. ---

   Drunken Sailor

   10 January 2016, 00:55

   From a BB – seems reasonably genuine:

   “We have noted the report of a dispute with IBAO/IBRI and whilst it¹s true,
   what¹s missing is that we too have claims vs IBAO/IBRI. In any event, the
   overall scale of this matter is relatively low with claims on both sides
   (i.e. them claiming from us and us claiming from them) of less than £500k
   either way. As such, it is not of material scale or consequence to
   necessitate an announcement.

   As we have mentioned previously, there are a number of legacy matters that
   we continue to deal with. We are working through these quietly and
   professionally in our normal manner.

   Best wishes,

   Stephen”

   All good businesses get sued by their customers and counter sue, whilst keeping schtum about it until it is exposed; it is the quiet and professional thing to do!

   Well done to SP for yet again informing shareholders about what is really going on whilst the company tries to sweep the whole thing under the carpet. How much will they settle out of court for this time to make the problem go away, as they did with the Himex case in US. How soon before the next law suit rolls in?

10. ---

    Juicin Drumroll

    10 January 2016, 04:51

    Thank you all for your answers as to what WTG does or what is left. I’ve seen sceptics ask the same questions pretty regularly on ADVFN but never get an answer, just the usual moronic abuse from the cult members.

    TW, a question for you.

    At this point in the QPP / WTG saga, with the SGH cash paid back to mug zealots & only the beaten up rump of QPP left, would it be a good time for you to do a nuts & bolts strip down of exactly what’s left at this company?

    What ‘divisions’, what ‘assets’, what branches, what’s alive, what’s dead, what’s trading, what’s hasn’t filed returns, who is running what, what these ‘businesses’ cost & what they’re worth now?

11. ---

    Prince Pace

    10 January 2016, 08:51

    Oh right. I am sure that they are countersuing their former clients. Whilst I am sure the IBAO suit in genuine, one can only imagine what concocted nonsense any countersuit would be out of this house of fraud. Especially if the basis of the suit is non delivery of contract terms. From what I have read, the IBAO would not be a wealthy organization. I would bet my hat that the ploy here is to try to squeeze them enough legally with this nonsense that they have to drop their suit? We should set up a fund for them.

12. ---

    Juicin Drumroll

    11 January 2016, 06:15

    One of the zealots with his own WTG thread on ADVFN has answered the questions “What does WTG do? What is their business?”!!

    “TONYBALONI 11 Jan’16 – 12:37 – 643 of 644 0 0

    Watchstone PLC consists of,

    (SOON TO BE LAUNCHED) Hubio

    The Himex, QETS and QSI companies will be brought together to form Hubio, a new brand combining our B2B, insurance focused, technology businesses. Hubio will operate under one management, offering integrated solutions for customers in the insurance, auto, and related sectors.

    Hubio’s technologies will enable and empower our customers to achieve greater consumer engagement and improved profitability. This technology portfolio ranges from consumer apps, through to OBD and box based telematics to award winning claims software.

    Hubio will be launched in January 2016 and, until then, Himex, QETS and QSI will continue to operate under their existing brands.

    ***********************

    pt Health

    pt Health is a national healthcare company that owns and operates physical rehabilitation clinics across Canada. From large cities to small communities, pt Health takes pride in delivering quality services in a compassionate and patient-centred atmosphere that is focused on providing recovery solutions for our patients.

    www.pthealth.ca

    *****************************

    ingenie

    ingenie is an insurance brand focused on helping young drivers get on the road safely and affordably. Using telematics technology, ingenie gives its community feedback, advice and discounts to help them improve their driving skills and stay safe. The company was recently named Telematics Champion of the Year by the Insurance Times.

    www.ingenie.com

    *****************************

    Business Advisory Service

    Business Advisory Services is one of the UK’s leading energy brokerages providing a range of energy services to UK companies – including procurement,energy audit, M&T and data sampling.

    www.businessadvisoryservice.co.uk

    ********************************

    Quintica

    Quintica specialises in delivering infrastructure and technology solutions, and managed services to telecoms companies operating in emerging markets.

    www.quintica.com”

    ********************************

    Maine Finance

    Maine Finance is an FCA-regulated life insurance broker, selling life, critical illness and income protection insurance policies direct to customers and businesses throughout the UK. Maine Finance specialises in offering real-time pricing to customers from some of the largest insurance brands in the UK.

    www.maine-finance.co.uk
    www.quotesupermarket.com