Quindell seeks hedge fund cash injection. Via Secret talks!
Troubled insurance services company in talks to raise money amid controversy over directors’ opaque share dealings
QUINDELL, the beleaguered insurance services company whose travails have gripped the market, has opened talks with hedge funds about a potential cash injection. (These talks were kept secret by Quenron)
The company is believed to have met at least two hedge funds in recent weeks to discuss raising money against expected future income. It is understood Quindell went to the funds after failing to interest banks in a deal. (Banks are calling in their money)
Yesterday the company insisted it had no need for additional cash. It said: “Quindell is regularly approached by, and opens discussions with, funds and financial institutions who understand the quality of its receivables and are familiar with the cashflow profile of legal services work. The company has no current need for any third-party financing.” (More lies)
The disclosure of the talks will, however, increase the speculation (Drive the sp further down) about the Hampshire-based company, which handles claims and provides other services for big insurers. The shares, which were as high as 660p in February, to read the full article click HERE