Quindell on verge of selling operating unit
TECH and outsourcing company Quindell confirmed it was in exclusive talks with Australian law firm Slater & Gordon for a possible sale of an operating unit.
Quindell, founded by ex-CEO Rob Terry (pictured), said yesterday there was no certainty the talks would lead to an offer or a deal. The company said early this month that it had entered into exclusivity arrangements with a “third party” for the possible disposal of an operating unit to improve its working capital profile.
Quindell’s shares rose as much as 17 per cent to 123.50p on the London Stock Exchange yesterday.
Up to Wednesday’s close, the stock had fallen 82 per cent since April 21 – a day before short-seller Gotham City Research questioned the company’s revenue model and profit quality.