S&G case can have no merit.11 May 2017 16:26
Here are some quotes for you all to consider
"Andrew Grech, Ken Fowlie and Kirsten Morrison [Slater & Gordon’s group general counsel] were in the UK for several months doing due diligence, in addition to the firm’s M&A team. We had at least five board meetings about the PSD deal and I spoke to Andrew every day or two for an update on its progress. It was the most rigorous due diligence I have seen."
"JS: A key difference between the PSD deal and our other acquisitions, apart from its size, was the valuation. Management was prepared to pay a higher multiple for PSD because it meant we were doing the equivalent of 20 to 30 transactions in the UK in one deal. The board had to be convinced about the valuation and after careful consideration it approved the deal."
ASX 6/8/15 (commenting on the release of Quindell's accounts):
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"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."
ASX 28/8/15 (announcing the F15 results):
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"Successfully completed capital raising and completion of the Professional Services Division transaction (now Slater Gordon Solutions (SGS)) – July performance in line with expectations."