Small cap: Quindell broker resigns

Quindell declined to comment further as to what had prompted the resignation.

Bad news for Quindell continues

Quindell declined to comment further as to what had prompted the resignation.

Small cap: Quindell broker resigns

The bad news for Quindell, the troubled outsourcer whose share price plummeted over 90 per cent in six months, has continued with the resignation of joint broker Canaccord Genuity.

In a brief announcement this morning, Quindell stated: “Quindell Plc (AIM: QPP.L), a market leading global provider of professional services and digital solutions, announces that Canaccord Genuity Limited submitted its one month notice of resignation as the Company’s financial adviser and joint broker on 21 October 2014 but that the Company has agreed that the resignation is effective today.”

When contacted, Canaccord Genuity declined to comment. However, the last note from the joint broker, published on October 21 was bullish, reiterating its ‘Buy’ recommendation and price target of 362p.

Quindell declined to comment further as to what had prompted the resignation.

The remaining house broker is Cenkos. It last published a note on September 2, at which time it recommended ‘Buy’ with a price target of 179p.

The only people who appear to have called this share correctly are the shorters. According to the Financial Conduct Authority’s official list of publicly disclosed short positions, the following funds hold net short positions:

  • Coatue Management (1.5%)
  • Ennismore Fund Management (1.07%)
  • Roble (4.26%)
  • TT International (0.58%)

Company REFS

Those investors seeking more fundamental data on Quindell should read the Company REFS page on Quindell.

Equity Release on house broker

Equity release mortgages are a range of products that are only available to homeowners over the age of 55. These products, which usually include either a Lifetime Mortgage or Home Reversion, allow the homeowner to access the equity tied up in their home. Equity release mortgages have no fixed term and come with a ‘no negative equity guarantee’, meaning that you or your family will not be liable to pay any more after you have passed away. Those who choose an equity release product can take the money as a lump sum, several smaller payments or a combination of the two.

Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.
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