Daniel Stewart Securities - Re: DAN Stream Log - from the Telegraph ............... Quindell...

from the Telegraph ............... Quindell founder: Share-dealing allegations a 'heap of rubbish' By Ben Martin 7:24PM BST 17 Apr 2015 Rob Terry says he has amassed £50m in funding for new ventures and is confident of FCA approval The founder of Quindell has claimed he will not face sanctions from regulators over his share-dealings at the firm and called accusations of insider dealing “a heap of rubbish”. The revelations from Rob Terry, the controversial former chairman at the insurance outsourcer, are likely to spark anger among shareholders who lost money by investing in the company he once led. Mr Terry, in his first public comments since he left Quindell, told The Telegraph that he had amassed about £50m of funding for new ventures, some of which he has provided himself. He also said he was confident that he would receive approval from the regulator, the Financial Conduct Authority, for his planned stake-building in stockbroker Daniel Stewart, despite the storm that led to his departure from Quindell last November. Mr Terry, along with two other directors, were the focus of investor anger when it emerged that they had reduced their shareholdings in Quindell in stock market dealings that were initially portrayed by the company as share purchases. Quindell gets takeover approach for its telematics arm 17 Apr 2015 What’s the best way to buy a new car? Brought to you by Carwow He was eventually ousted from the board when Quindell revealed that the trio had carried out the dealings after one of the company’s house brokers had resigned. The wider stock market was only informed of the resignation after the directors had reduced their stakes, prompting heavy falls in Quindell’s share price. “The transactions that were done at the time were looked at, there was never any question of insider dealing, so it’s just a heap of rubbish,” Mr Terry said on Friday. He said that there was “no issue” with the Aim team at the London Stock Exchange, which examined the controversial share dealings, and that it was “closed out long long ago, all in a positive manner.” He added: “There’s never been an issue with the FCA.” In a move that has raised eyebrows across the City, it emerged on Thursday that Mr Terry was seeking to increase his recently acquired stake in Daniel Stewart to above 10pc, which will require FCA clearance. “I’m absolutely positive that FCA approval will come through in the normal timescales,” he said. Daniel Stewart was left with an uncertain future on Friday after it revealed that its nominated adviser, Westhouse Securities, had resigned. If it does not find a replacement by the start of May, its shares will be suspended. Mr Terry has already amassed a 9.994pc stake in the broker through investment vehicle Quob Park Estate. The controversial figure said he thought that Daniel Stewart was “undervalued”, adding “there’s also some things I’d like to do in partnership with them to do with the other things I’m doing with Quob Park. “Ultimately I will be interested in holding anything up to 29pc of [Daniel Stewart]. I won’t make a bid for it, that’s not my intent, but I could see myself building a holding of that type of size. “We will open up [Quob Park] to retail investors to invest alongside us and for that we will need to work with an FCA regulated firm, and I hope that that firm will be Daniel Stewart.” He claimed that Quob Park had as much as £50m in firepower behind it. “Quob is re-name of a company that I’ve had for a whole number of years but it’s been restructured, new investment’s come in, myself and a number of other individuals have put in over five million and we’ve already raised money with a valuation of twenty-five million. “It in itself is a fund of a value of about twenty-five million, and then it’s sitting alongside about another twenty-five million of investment capital from me. So it has available to it about fifty million of funding.” On Friday, Quindell shareholders approved the £637m sale of the company’s legal business in a deal that will see £500m returned to investors. Mr Terry said that he and Quob held small stakes in Quindell.