Error found in Quindell deal

The Telegraph has reported that Quindell has suspended trading in its shares after a mistake was discovered in the information it has given shareholders about its £637m deal with Slater and Gordon.

An official statement on the LSE is yet to be published.

A spokesman for the AIM-listed company said it was a ‘technical issue’ and that there was a ‘small mistake in the circular’ relating to the sale of its professional services division that was announced on Monday. A correction will be issued later today.

Shares are normally suspended pending the announcement of ‘material’ news, a spokesman for the London Stock Exchange said. However, the Quindell spokesman denied that the forthcoming correction was of a material nature.

A number of trades took place in the minutes following the suspension at 9.40am this morning and were cancelled by the bourse. The LSE spokesman said that the trades likely took place because of a technical error.

Earlier we reported that Quindell had suspended trading on AIM as of 9.40am pending an announcement and publication of a document.

A statement on the London Stock Exchange reads:

At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 01/04/2015 9:40am, pending an announcement and publication of an document.

A notice suspending trading in Quindell was issued at 09:40. All trades between 09:40:00 and 09:42:04 have been cancelled and counterparties notified.