Quindell, aka Watchstone Group, resumes trading on Aim - and share price jumps more than 150 per cent

 
Emma Haslett
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Bringing Hearing To The Children Of Lesotho
The company handled thousands of claims over hearing loss (Source: Getty)

Like the phoenix rising from the ashes, so shares in Watchstone Group, the company formerly known as Quindell, jumped more than 150 per cent as they resumed trading this morning.

At one point shares in the troubled insurance claims processor were up more than 180 per cent, at 197p.

Last week, shares in the company were suspended from trading in an effort to avoid wild price swings ahead of a payment to shareholders and a court hearing.

But this morning the company relaunched with its new name, offering Quindell shareholders one share worth 10p for every 10 shares they previously owned.

Shares in the company have fallen by more than 85p since their peak in April last year. The company was targeted by mysterious US analyst, Gotham City Research, which accused it of having "magical... paper profits".

Since then, it has been hit by a catalogue of woes, with its chairman and founder Rob Terry stepping down, one of its largest investors, Fidelity, cutting its stake in half - and even its joint broker, Canaccord, resigning.

Quindell sold its legal services arm, which comprised 90 per cent of its business, for £637m to Slater & Gordon in May.

Shares in the company were temporarily suspended from Aim in June, as the Financial Conduct Authority (FCA) launched an investigation into its accounting practices, which it admitted were "at the aggressive end of acceptable".

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