Quindell’s Rob Terry might be planning a stock market comeback
Market Report
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Your support makes all the difference.Quindell’s Rob Terry could be plotting a shock return to the stock market even as the Serious Fraud Office inquiry into the business he founded rumbles on.
Mr Terry, who left the AIM-listed company last year, sold his 15 per cent stake in AIM software minnow Imaginatik, held in his Quob Park Estate investment vehicle, to Quob Park Technologies, another company he controls that until this week was known as SMI Technologies.
That was the business formerly called Quindell Telecoms, which in June was spun out of the AIM-listed group as it trained its sights on insurance.
The SMI website reads: “Quob Park Estate, along with its partners, will be providing advice around the company’s future development strategy, fundraising and corporate financing activities, including any potential IPO.”
A spokesperson for Imaginatik, whose chairman in September called Terry’s intentions “a mystery”, confirmed it had had no contact with Mr Terry and was unaware of his plans. Imaginatik fell by 0.13p to 4.63p.
Elsewhere, it was hardly the rally that investors were hoping for after the US rate rise; the FTSE 100 put on just 41.35 points to 6,102.54.
Anglo American was the heaviest blue-chip faller, down 14.65p at 263.55p as Deutsche Bank cut its rating on the miner to hold, concerned by the “lack of apparent urgency” to turn the company around.
A profit warning due in part to a strong US dollar hurt FTSE 250 specialty chemicals group Elementis. It slumped 15.5p to 221.2p.
There was plenty of action among the oil minnows that succeeded in the latest UK onshore licensing round. Among them was a cash shell called Upland Resources, listed in October by Steve Staley, a former director of Cove Energy, which was sold in 2012 to Thai state oil company PTT for £1.2bn.
Upland, up 8 per cent at 0.98p, will team up with AIM-listed Europa Oil & Gas, 0.25p richer at 3.13p, and Jim Ratcliffe’s chemicals giant Ineos, which will operate the blocks in the East Midlands.
Meanwhile Concha, the shell run by former Leeds United boss Chris Akers, crashed 2p or 76 per cent to 0.63p as deal talks ended.
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