Quindell share price jumps after hedge fund beefs up stake
Shares in troubled insurance claims processor Quindell rose as much as 15 per cent this morning, after hedge fund Toscafund increased its stake in the company.
Toscafund bought an extra 1.9m shares, bringing its overall stake in the company to over five per cent.
Last week Quindell revealed it had entered into exclusive talks with an unnamed third party over the disposal of one of its operating positions.
The good news comes after the end of a particularly challenging year for the company, during which its shares lost more than 90 per cent of their value.
It started after US-based short seller Gotham City Research published a paper suggesting it had "magical … paper profits" in April.
Later that year broker Canaccord quit, shortly before chairman Rob Terry stepped down later, selling 25m shares.