Quindell forced to act after shares fall

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OUTSOURCING group Quindell has seen significant volatility in its shares in recent days.

The company has been the subject of press speculation and short-selling, and at one point shares fell to half their level at the beginning of May.

The fall prompted the company to put out an announcement saying it was “not aware of any valid reason for the recent share price drop other than misinformed speculation and shorting activity”.

It stressed it has a strong balance sheet and “more than sufficient funding”.

Following the announcement, directors at the firm went into the market to up their stakes in the company.

Robert Terry, chairman and group chief executive, bought a million shares and group finance director Laurence Moorse bought 250,000.

Shirley Bowers, the wife of non-executive director Anthony Bowers, also purchased 100,000 shares.

The directors paid between 8p and 9.75p each for the shares.

• Mark Ansell, non-executive director at finance group Arden Partners, has bought 61,750 shares at 40p each. He now holds 111,750 shares.

• Leon Coetzer, chief executive officer at Aim-listed mining and metals specialist Jubilee Platinum, has bought 27,810 shares at a price of 7.21p each. It was his first purchase of shares in the group.

• Anthony Bramall, a non-executive director of car dealership Lookers, has sold 20.85 million shares at an average price of 99.832p each.

The company said the sale was for “domestic reasons only and does not alter the continuing support for the company by the Bramall family”.

• Charles Berry, the new deputy chairman at Glasgow-based Weir Group, has purchased 2,000 shares at 2,384.93p each.

Berry will take over from outgoing chairman Lord Robert Smith of Kelvin at the end of this year.

It will mark the end of an 11-year tenure for Smith, who is also chairman of the Green Investment Bank, energy provider SSE and the Glasgow 2014 Commonwealth Games.

The incoming chairman’s late father, Tom Berry, worked for the group until his retirement in 1979.