The RNS dated 27th February 2015 (see here) is generally a holding neutral announcement and provides no negative or positive content. The RNS keeps the market informed regarding the timeline for any pending changes.
Yet again Quindells detractors are trying to place a negative spin on the content. The following provides an alternative view regarding some of the claims.
1) PwC review Is dire.
This clearly is not true as if the findings are going to materially impact the share price the Board of Directors have to inform the market as soon as they are made aware. This hasn’t happened so you can conclude the review has uncovered no hidden surprises.
2) Review highlights Quindell is in net debt.
Stupid statement that has no credibility as the review hasn’t even been published.
3) All assets are up for sale
Again another inaccurate statement as the RNS clearly highlights that only the Professional Services Division is being considered for disposal and with regard to non core businesses and assets the appropriate action will be taken.
In conclusion the RNS highlights no areas of concern and it is worth reminding ourselves of the following statement contained in the RNS dated the 12th January 2015.
Trading in the Group’s business remains robust in both Professional Services and Digital Solutions with management satisfied with case volumes, case settlements and digital solutions revenues.
This RNS leaves no ambiguity as to how the business is performing.