Quindell (QPP) did not issue an H2 profits warning for 2013. Instead it hit targets and managed to get away a £200 million equity raise. Without that cash it would have gone bust in January. But my attention is drawn to the recent Canaccord buy note (page 18) which begs the question of just how Mr 2+2 can =5, Rob Terry, managed to hit his numbers and avoid a profits warning.
Around two thirds of Quindell’s reported profits in 2013 came from Quindell Legal Services (QLS) with the number very heavily second half weighted. And in 2013 nearly all of Quindell’s business was RTA related. Now read what the Canaccord note (remember Canaccord is joint broker so “onside”) states:
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