Sunday 19 April 2015

A weekend review

There were plenty of interesting business stories in the weekend newspapers this weekend but the ones that caught my eye were the tales involving Quindell, the controversial AIM-listed business.

Ben Martin, market reporter over at The Daily Telegraph, did well to get some quotes out of Robert Terry, the former chairman and founder of the business, about his plans for Daniel Stewart, the stockbroker. Here is a link to Ben's piece:

http://www.telegraph.co.uk/finance/markets/11546650/Quindell-founder-Share-dealing-allegations-a-heap-of-rubbish.html

However, it was the Financial Times' scoop about Edmund Truell's approach for one of Quindell's remaining divisions that really piqued my interest, especially as I can provide some insight into the situation.

The Financial Times reported late on Friday that Tantalum - a vehicle connected to Mr Truell's Disruptive Capital Finance group - recently approached Quindell about buying its telematics business for about £50 million. Here is a link to the FT piece:

http://www.ft.com/cms/s/0/5bfc2886-e4fb-11e4-8b61-00144feab7de.html#axzz3XnC2TWTC

My understanding, though, is that Truell tentatively approached Slater & Gordon, which is buying Quindell's legal/profeesional services unit for almost £640 million, about a deal back when the Aussies were in hot and heavy discussions about their transaction.

Truell's idea, according to my sources, was for Slater & Gordon and his vehicle to buy the whole of Quindell, keep the pieces of the company they both wanted and then sell of the remainder. In fact, I mentioned a few weeks ago on Tip TV that Truell/Tungsten, one of the entrepreneur's listed vehicles, had been circling Quindell.

However, the Aussies sent Truell packing. So, clearly the entrepreneur has decided to embark on a takeover of Quindell's telematics business on his own...  

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