Morstan Nominees Ltd, have according to the shares register, acquired since November 35.68m shares. This is 8.18% of those available.
The Tosca fund is behind Morstan. By having shares in different nominee accounts enables them to keep below the 5% trigger required for an RNS.
This is good news for Quindell investors for the following reasons:
1. Tosca have a reputation for investing in companies with significant growth opportunities.
2. Why would Tosca purchase 8.18% of the business in November / December if the business according to its detractors is going to go bust by Christmas?
3. Martin Hughes who founded Tosca, used to work for Tiger Management. He will probably still have contacts within Tiger and possibly tacit knowledge about their short position strategy.
Tosca would not be investing if they believed share price is going to be driven lower. Have they positioned themselves to ride the share price up to true value?
The Quindell website, Investor Relations page used to provide more information about major shareholders than required under AIM rules. This used to be a useful resource for investors.