Quindell share price falls further after its premium listing bid is rejected

 
Oliver Smith
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Quindell, the Aim-listed insurance firm whose shares have plummeted 60 per cent since a scathing blog post by US short seller Gotham City Research, saw its shares knocked again yesterday after revealing its attempt to join the London market’s premium segment had been unsuccessful.

The rejection hit Quindell’s shares as much as 40 per cent.

A company cannot move to the main market if it has undergone a “significant change in its scale or operations” during the past three years’ audited accounts.

“Regrettably, it is Quindell’s success and change of scale of its operations during the last three years that is a core reason for the group not being deemed to be eligible for a premium listing at this time,” said executive chairman Rob Terry yesterday.