Quindell founder ups stake to 10%

Robert Terry, founder and chairman of insurance technology firm Quindell, has bought £32,000 of shares in the company, upping his total stake to 10.9 percent.

This follows a fall in stock price after it was found that the firm was not eligible to make the leap to a listing on the main market from London Stock Exchange’s junior AIM market.

The move failed because Quindell didn’t satisfy listing rule 6.1.3, and particularly, the criteria in listing rules guidance note 6.1.3E (5) which states that an applicant may not be eligible if its business has undergone a significant change in its scale or operations during the period of the historical financial information, being the last three years' audited accounts.