Market Report: Quindell’s Rob Terry may be planning a stock market comebackComments Off on Market Report: Quindell’s Rob Terry may be planning a stock market comeback
Could Rob Terry, the controversial businessman behind the Quindell scandal, be plotting a shock return to the stock market?
Terry, who left the AIM-listed company last year in a cloud of controversy, is said to be keen on the idea even as the Serious Fraud Office’s probe into the business he founded rumbles on.
Imaginatik, the software tiddler whose chairman criticised Terry for his misleading statements about their relationship, revealed Terry’s investment vehicle, Quob Park Estate, sold its 15% stake to Quob Park Technologies, a company also controlled by Terry which 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 honed its sights on insurance. Quindell, or Watchstone as it is now known, still owns a third of the business.
SMI revealed in June that Quob Park had so far “put in place a facility for £4 million” and said the last funding round in March valued it at £30 million.
More interestingly, it said: “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 spokeswoman for Imaginatik, down 0.23p at 4.53p, confirmed it has had no contact with Terry and was unaware of his plans.
Away from the fun and games on the junior market, investors breathed a sigh of relief as the Federal Reserve had enough confidence in the US economy to raise rates, lifting the FTSE 100 by 91 points, or 1.5%, to 6152.19.
The hike hoisted banks higher, including troubled Standard Chartered, up 30.1p to 542.8p, Royal Bank of Scotland, 7.2p better off at 297p, and HSBC, 9.8p richer at 530.6p.
A profit warning, due in part to a strong US dollar, hurt FTSE 250 specialty-chemicals group Elementis, which slumped 16.3p or 7% to 220.4p.
Peel Hunt’s glowing report helped Asos strut 125p, or 4%, higher to 3376p as the broker upgraded the online fashion house to buy, picking it out as the sector’s likely Christmas winner.
No such luck for bike-to-car parts retailer Halfords, which reversed 4.25p to 327.79p when Peel cut its target price to 350p.
Purplebricks dipped 6p to 94p on the online estate agent’s AIM debut, while another profit warning from Adgorithms triggered a 3.85p fall to 27.15p, compounding the online advertising company’s disastrous run since floating in June at 133p a share.