UK 23:19 Tuesday, 22 September 2026
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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.
Kevin Ashton, the analyst that Rob Terry of Quindell (QPP) forced Canaccord to sack because he would not advise investors to buy the shares, last night predicted that Quindell would go bust as more details emerged on the note that Terry managed to supress.
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Comments
Sam
Looks like he has a new paymaster now.
Rob
Sam – Care to elaborate (and embarrass yourself even more)?
Amusing that rather than address the points Kevin Ashton (or TW) raise, morons seek to attack their credibility on some totally unrelated matter. LSE BB full of it today.
Kevin Ashton would have known more about QPP than any BB moron, so worth listening to I would have thought.
alcira16247
Tom
Truly shocking revelations! A decent guy doing a professional job with honesty and integrity, hounded out by a bully boy, whom seems to have lost his moral compass, big time!
Lest not also forget that Mr Terry/Quindell together with his friend and long time business partner, Mr Hassan Sadiq, are defending an action, bought by the minority shareholders of The Evogi Group, following its acquisition by Himex, April 2012, accusing them of theft! “ Stealing the company”….. “aided and abetted by Quindell”
Further bad news for Mr Terry as the defendants motion to have the case dismissed was denied on 10th November.
Chalk that down to another failure of your friends, Dorsey & Whitney, eh, Tom?
Seems November is certainly going to go down as a very bad month in Mr Terry’s book
For Information only:-NATURE OF THE ACTION
1. This is the case of the stolen company. In this derivative action on behalf of the
Company, a clear “majority of the minority” of the Company’s stockholders seek redress against
HIMEX, the controlling stockholder of the Company, and Sadiq, Essack, and McFall, the
Company’s Directors, for breaching their duties to the Company and its minority stockholders
and against Quindell for aiding and abetting those breaches. Specifically, this action challenges
transactions in which the HIMEX Defendants essentially misappropriated the entire value of the
Company for themselves, with no compensation to the Company or its minority stockholders.
Lloorree
Tom
2 quick ones:
1) Are you able to prove that Sadiq et al “sold shares heavily within weeks of getting them;”
2) Can you confirm whether these shares were subject to a “lock in” period, post the sale of HIMEX?
Many thanks
Tom Winnifrith
Lloorree
KA saw the share register & see the original RNS
t
BananaBob
Seems like lots of backstabbing going on here. ‘Star’ Aston should be careful, he’s virtually unemployable now in the City and will be hung out to dry by everybody if a link with Gotham is found. Deservedly so
Hope he’s reasonably good at something else.
He’s gonna need it
Tom Winnifrith
Bananabrain
So you are now an expert on ethics & City hiring too.,
KA called QPP right and has been seen to have real ethics. He is gaining more respect – and he was already very well respected – by the day.
Meanwhile your boy Rob Terry is a fraudster, liar & insider dealer & is going to prison.
I hope he is good at “being a bitch”
T
BananaBob
Tom
I was just merely commenting on Austin’s future job prospects, I would suspects that ethics is not top of many firms requirements in the City anyway, so i guess he will be just fine and dandy, I was obviously getting confused with the real world
Big bad Rob doing porridge?, nah he’ll escape, they always do, unless your stupid like Asil or just plain incredibly stupid like Saunders and Ronson
Allegedly!
AB
Brilliant analysis throughout.
You’ve called this one right from early on based on the simplest fundamental analysis and common sense – as did Paul Scott at Stockopedia – till he was shut up by the QPP ‘activist shareholders’. He told me about this.
When a company or its ‘true believers/useful idiots’ resort to trying to terrorise dissenting voices, you know that something is badly, badly wrong.
The best response to nay-sayers is proof of performance; the best answer to shorts is solid progress.
Accruals leave a question mark. Something still to be answered with time. Between the accrual and the invoice, between the invoice and the profit, falls the shadow. Or….
“Between the idea
And the reality
Between the motion
And the act
Falls the Shadow”
as T.S. Eliot put it.
Lloorree
Tom
Forgive/indulge me, but I’m not sure that my 2 questions have been answered, either by your post or the RNS.
Thanks
alcira16247
Tom
Quindell has paid over $240 million for Himex – that’s mega money!
So, I was wondering what the hell is Himex all about? Why did good old Rob Terry, reckon it was worth so much of his shareholders hard earned money?
1. Himax formed by Sadiq in 2010. Although according to HIMEX’s March 31, 2012 Report and Financial Statements disclosed that
HIMEX had no revenues, no customers, and no employees and owned minimal tangible assets.
HIMEX’s only intangible asset was a software license that HIMEX internally valued at
£12,500,000 in 2012.
2. Himax announces acquisition of Evogi Group on April 12th 2012, taking an 80% majority shareholding.
3. Himax announces on Sept 5th 2012 Evogi Usage Based Insurance with HIMEX Virtual World Live Maps and Gamification platform Innovative 3D game-based design allows auto insurers to create unique customer experiences for usage based and behaviour based insurance.
(ah! Tom,…. its a game, a virtual world!)
From Himax’s USA site :-
Leveraging our unique 3D platform, HiMEX delivers a game-based virtual world that provides your drivers a fun, engaging experience. Our Game Changing UBI improves driving behavior.
(Yep….Tom, its definitely a game!)
To discuss a Pilot program please contact us.
++++++++++++++++
Then we see :- Our Story
Founded in 2010, HIMEX is a privately-held company, with headquarters in Scottsdale, AZ and offices in London. HIMEX acquired The Evogi Group in 2012, enabling the combined operation to offer its patent pending gamification enabled usage based insurance and smart fleet management solutions.
Our approach to usage based insurance combines sophisticated telematics systems with the HIMEX UBI 3Dtm Virtual World platform. A fully rendered 3D virtual world places drivers in their own social environment while on the move, with game results and rewards. Game-based Virtual World. Gamification and 3D Virtual World Live.
(Tom…. its still a game! Please also note ‘Privately held company’, not a subsidiary of Quindell? In fact, there is not one mention of Quindell on the whole of its site!). Also, not one item of financials listed! Nada! Forecasts, projections, customers….nothing!
However, here is :-
Hassan Sadiq, Chairman and CEO
Hassan is an entrepreneur with significant experience in technology, insurance and gamification. He founded New Planet Solutions Limited Plc, which pioneered the development of Java software applications enabling significant reduction of direct insurance claims expenses. New Planet was acquired by The Innovation Group (LSE: TIG.L) in 2001, and he served as CEO until 2009. Most recently, he was Executive Chairman of UTV Games Division, part of UTV Software Communication, which was acquired by Disney. Hassan founded HIMEX in 2010 to bring gamification to the connected driver.
Again, nothing about being a founder shareholder in Quindell! Or long time business associate of Rob Terry, either!
Evogi founders invested $5 million to develop the product and business and were forecasting two years before any significant revenues being achieved, assuming the three insurance companies conducting pilot schemes decided to proceed further.
So, how much did Himax pay for Evogi?…..I can’t find out…. but a guesstimate…… $8….$10…..$15….$18 million?
And as we can assume Himax was nothing before its Evogi acquisition we find July 17, 2013, Quindell announced it had purchased 19% of HIMEX for £1.8M ($2,738,520) in cash and 64.8M in marketable shares of
Quindell valued at £6.9M ($10,598,072).
On February 4, 2014, Quindell announced that it was exercising an option to acquire over 75% of HIMEX for £23M ($37,545,200) in cash and 325M shares valued at £115M ($188,338,150).
On February 14, 2014, Quindell announced through through
a number of transactions, it had increased its investment in HIMEX to 85%. Thus, Quindell purchased an 85% controlling interest in HIMEX for total consideration of approximately $240,000,000 of cash and marketable securities.
Not bad, eh? Sadiq pays peanuts for Evogi, sells less than two years later for mega money to good old mucker, Rob, for a virtual 3D game! Wonder if that’s where Rob lives?
Langley
….. Gotham had the sense this morning to tweet on an allegation ‘allegedly’ made by a certain Kevin Ashton …
kevin ashton
For what’s worth I have no connection with Gotham nor ever did. I have never owned a stock related to Quindell or shorted it and nor have any of my dependants (they have lives unlike some of us)
Steve Evans
I know this is “old news”, but we are now in January, and though the price is somewhat battered, it does appear that Qunidell is hanging on in there – rumour has it that employees did get paid again, on time, but with no early Christmas payment.
With reduced days for cash collection over Christmas, but many of the o/heads (eg wages / salaries, corp tax QIPs etc) still accruing (dirty word I know !) do we think that ultimate crisis point will be c 14th Jan when the CT QIP is due, or postponed until c 6th Feb with the next payroll run ?
Is there any chance that the bod have managed to steer through the crisis, that perhaps Mr Ashton underestimated the receivables or overestimated the payables or is it possibly just down to timing and the bod will get what is due when it happens ?