As expected Quindell detractors are trying to put a negative spin on the RNS dated the 5th March and the disposal of NARS shares.
Quindell informed the market with the following statement contained within an RNS on the 27th February 2015 that it intended to dispose of non core operations and assets, See Here.
“The Board has concluded that going forward, the Company will have two operating divisions: the Professional Services Division and the Technology Division (comprising insurance software, telematics and telecoms businesses). There are, therefore, several businesses and assets that are non-core and the Board will take appropriate action to deliver shareholder value from those assets”
To quote from an RNS issued prior to the release of this RNS to imply Quindell have misinformed shareholders with regard to the NARS disposal is disingenuous and a distortion of the facts.
This is most definately not a fire sale. It is worth reminding ourselves of the following statement contained within the RNS dated 23rd February 2015, See Here
“Discussions are progressing with SGH and the indicative terms being discussed would imply a significant premium to the Company’s market capitalisation….”
The complete opposite to a fire sale.