Great announcement for SGH shareholders.
In particular:
"Consistent with Slater and Gordon's due diligence on the business assets it acquired ... SGH recognised Quindell's statutory accounts incorporated significant ... adjustments prior to acquisition."
Most notably/encouragingly:
"It is critical to separate issues associated with Quindell’s historical statutory accounts from Slater and Gordon’s assessment of the PSD’s value and go forward performance. Quindell’s accounting policies were not relied on by Slater and Gordon in its due diligence of the PSD, which was undertaken with the assistance of Ernst & Young LLP. Slater and Gordon’s assessment of the PSD, including its historical financial performance, was based on a fundamental, bottom-up analysis including the review of 8,000 case files by 70 lawyers. The PSD is now focused on the higher velocity, cash generative fast track road traffic accident segment rather than growth in cash consumptive hearing loss claims."
Great news!!!
