1. Announcement in effect says E&Y want much bigger writedowns on Quindell than management yet prepared to accept (amongst other issues). Perhaps so big that trigger debt covenants. As sheer speculation, perhaps so big Skippen and Grech forced to step down, taking responsibility poor acquisition. Hence push back.
2. Absolutely no reason this suspension might not go past 29 Feb now and indefinitely, with a further holding statement then "still working with auditors" or whatever. Once suspended, there is no need any more to report by end Feb or until ready.
3. As I have posted many times before, UK writedowns the catalyst @SGH in circumstances because trigger debt/equity covenants when in eyeballs debt.
4. We are still waiting to know what degree of confidence lenders have, but this Ann is a very poor sign.
5. Given stock has traded so long up to this point, and now Suspension tagged with another
"working with auditors" qualifier also a poor sign - these words from listed company almost never good.
6. There may be some good still to come from this, nobody can say for sure - can still go either way, but these kind movies do not usually end well.
