British IT outsourcing company Quindell considers U.S. listing

Whatsapp News

Quindell PlcQuindell Plc, a British IT outsourcing and consultancy company whose stock has been hammered following by a short-seller, said it is exploring a . stock listing and will immediately re-apply for a premium listing in London.

Quindell’s stock has fallen about 70 percent in past four months after .-based Gotham City Research raised questions about its revenue model and quality.

“Even though we look to list in UK in near future, doesn’t mean we wont look at . We are looking at all options,” Chairman Robert Terry told Reuters.

company said in June its application for a premium listing on London Stock Exchange had been turned down.

Quindell, which has a market value of about 920 million pounds ($1.5 billion), said it did meet a rule its business have undergone significant change in scale or over the previous three years.

Quindell’s volatile stock, which is listed on London’s Alternate Investment Market (AIM), was down 8.8 percent at 191.9 pence at 1013 GMT after the company reported first-half results.


The stock had gained more than 25 percent over the previous two days.

Quindell has started legal proceedings against Gotham City Research and a blogger who it says made defamatory statements about the company.

Terry said that Quindell was seeking unspecified monetary compensation the short-seller.

“(We are seeking) compensation for the damage they tried to do to the business and of course they have done to the share price in the short term,” he said.

The company, whose include British American Tobacco Plc and ING Groep NV, reported a near-quadrupling in first-half pre- to 153.7 million pounds. Group revenue more than doubled to 357.3 million pounds. (Reuters)