Interactive Investor

Maiden purchase lifts Quindell

16th October 2014 10:36

Lee Wild from interactive investor

A day after non-executive director Robert Burrow dipped his hand in his pocket, one of Quindell's newest board members has bought his first tranche of shares in the legal outsourcing firm.

Just three months after joining as non-executive director, David Currie, former head of investment banking at Investec, has splashed out £25,000 on 19,500 Quindell shares at 127.5p.

That's close to a 16-month low, and where Quindell shares found technical support on Wednesday. They were up 13% at one stage on Thursday at 140p. Let's hope that's a good omen. Currie has a decent track record built up during 20 years in the City. He's also recently set up Codex Capital Partners.

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Clearly, the market remains sceptical, but management is putting its money where its mouth is. So are some of the City's leading fund managers. Here's a list of Quindell's significant shareholders and directors as at 23rd July 2014:

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Earlier this week, Quindell published seemingly innocuous third-quarter numbers, yet the share price has since slumped by 24% from 164p shortly after the numbers were released.

It's lowered revenue targets, but margins will be slightly higher and cash flow has been better-than-expected. As we said yesterday, there seems little the firm can do to win over the doubters, certainly in the short term.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.