SLATER AND GORDON STILL CHASING PORTION OF LOST UK MONEY

SLATER AND GORDON STILL CHASING PORTION OF LOST UK MONEY

THE £50 million that Slater and Gordon (ASX:SGH) is trying to claw back from the disastrous deal with Watchstone Group last year remains in escrow, the company announced today.

A determination on who gets the amount, worth AU$83.43, hinges on the result of a legal claim made by Slater and Gordon.

Slater and Gordon posted a full-year loss of $1.017 billion a result of the UK acquisition of Quindell (now Watchstone Group), which was quickly made almost worthless after changes to UK legislation not long after the deal was done.

The Melbourne-based law firm is the subject of a class action over the deal to acquire Quindell, alleging that the company did not keep shareholders adequately informed.

The company's shareholders revolted over executive pay at its recent AGM, recording a first strike against the company.

Slater and Gordon is also suing the advisor behind its failed deal with Quindell in an effort to regain $86 million.

The company is trading up 4.84 per cent at $0.325 per share this morning. On April 2, 2015, the company was trading at $7.85, but the company's market cap has quickly fallen off a cliff since then.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Brisbane-based IT consultancy Exent acquired by Atturra for up to $8m

Brisbane-based IT consultancy Exent acquired by Atturra for up to $8m

Founder-led IT consultancy Exent is set to join the growing portfol...

Investors sour on Aussie Broadband's new challenger brand Buddy Telco with $10m marketing cost

Investors sour on Aussie Broadband's new challenger brand Buddy Telco with $10m marketing cost

After rival Superloop (ASX: SLC) scooped up its white labelling agr...

Bonjour Paris: Qantas launches third direct flight to Europe from Perth

Bonjour Paris: Qantas launches third direct flight to Europe from Perth

Australia's leading airline Qantas (ASX: QAN) last night l...

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...