On 3 May 2013 QPP announced the acquisition of Quindell Property Services Ltd for a consideration of 65,978,572 shares with a further 190m shares being issued if profit targets are met.
Prior to this, on 1 February 2013 Quindell Property Services Ltd was incorporated at Companies House with a share capital of one £1 share.
The founding shareholder ? Quindell Portfolio plc.
Man bites dog, more like.
Seems odd that a couple of months after incorporating the company they announce its "acquisition" for a consideration of £11.5m.
Marky, which bit don't you believe?
The post just summarises the RNS announcement which you can easily check, and the incorporation documents are available on the Companies House website.
Once again someone who can't get fact correct read the RNS is says
"Quindell Property Services is a newly formed group bringing together a number of businesses owned by the vendors, related to the supply of outsourced property services and SaaS based enabling technologies. "
Nothing in the shadows
Hi Steamy,
which part of my post is factually incorrect?
The sources were: the company's RNS, the company's statutory accounts (note 36 - if you're interested), and the incorporation document of Quindell Property Services Ltd.
Nothing in the shadows? Maybe. I just don't understand why Quindell Portfolio plc was the sole shareholder of Quindell Property Services Ltd in February and then announced its acquisition for a consideration of over 65m shares, and a further 190m shares if it meets profit and cash flow targets over a three year period.
Nothing in the shadows? I can't see who are the beneficiaries of the shares issued. And the value of the consideration appears to have a ceiling tied into the future share price of QPP which is dependent on the future performance not just of "the group"/ "property business" but all of QPP.
Unless I'm missing something.
Read the RNS properly
They created the new company to hold the assets they purchased.
This transaction will enable Quindell to increase its shareholding in 360GlobalNet Limited (“360”) from 19% to 60% as well as acquiring associated companies.
The beneficiary of the monies and shares is Paul Stanley the founder of 360Globalet
Checked at companies house and they show the following shareholders in 360 are
PAUL A STANLEY 3,499 ORD £1 SHARES
MARK J JONES 2,971 ORD £1 SHARES
QUINDELL PORTFOLIO PLC (05542221) Check this Company 2,632 ORD £1 SHARES
DOUGLAS BROWN 2,460 ORD £1 SHARES
PARABIS HOLDINGS LIMITED (06829577) Check this Company 653 ORD £1 SHARES
CARL WARD-HERSEE 435 ORD £1 SHARES
BICKLEIGH RIDGE 337 ORD £1 SHARES
SHEILA CLARK 217 ORD £1 SHARES
CHRIS MCKEE 217 ORD £1 SHARES
NICHOLAS J ADDYMAN 217 ORD £1 SHARES
RAY RYAN 217 ORD £1 SHARES
UNDISCLOSED 3 ORD £1 SHARES
when the next AR is posted by them this will show QPP as beneficiary to 60% of 360global.
Can't believe this has its own thread.
Quindell Property Services LIMITED is a legal entity.
The RNS Steamy mentions talks of acquisitions of companies which are now referred to collectively as Quindell Property Services (note the lack of LIMITED), so will be reported as a Property division distinct from the Software and Outsourcing divisions.
Quindell have not just paid £11.5m for an entity they already owned, as you suggest.
The main beneficiary, as stated in the RNS, is Paul Stanley.
Marky read the email i sent you via ADVFN personal message, you will like it, the loans situation is now crystal clear.
"Quindell have not just paid £11.5m for an entity they already owned, as you suggest".
I'm not suggesting it. It's what it says in the RNS and the accounts, both of which identify Quindell Property Services LIMITED.
And if one individual is the beneficiary, why does the RNS refer to "vendors"? I don't see it identifying anyone.
