Watchstone Group PLC - Former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Says that following a hearing held in March, it has now been informed of the decision of the Court of Appeal which has dismissed WTGIL's appeal. WTGIL is a subsidiary of Watchstone. WTGIL will consider the judgment with its advisers and counsel and decide on the next steps, if any. Read More
(Alliance News) - Watchstone Group PLC on Wednesday said its annual loss in 2023 widened as a result of higher administrative expenses, which included legal costs relating to its claim against PricewaterhouseCoopers LLP. Read More
Watchstone Group PLC - Former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Expects cash balance at the end of 2023 to be approximately GBP7 million. In 2022, cash and term deposits was GBP13.8 million. Also announces all claims and disputes from and against Aviva Canada have been discontinued. Read More
Watchstone Group PLC - former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Says that the Court of Appeal has refused it permission to appeal and no further routes of redress remain open to the company. Watchstone must pay professional services firm PricewaterhouseCoopers LLP's legal costs, as well as its own. In August 2020, Watchstone had filed a GBP63 million claim against PwC, alleging breach of contract and conspiracy. Other outstanding claims are against Aviva Canada, part of Aviva PLC, and against UK tax collector HMRC over the recovery of historic VAT. Watchstone in 2021 had also filed a GBP13.7 million claim against its former auditor KPMG International Ltd, which is not expected to begin before 2024. Its Canadian subsidiary's claim against Aviva Canada is expected to go on trial in January 2024. Read More
Watchstone Group PLC - former insurance software provider originally called Quindell; now cash shell pursuing litigation claims - Pretax loss widens to GBP6.0 million in six months that ended June 30 from GBP2.1 million a year before. Has no revenue, so loss is due to higher administrative expenses. These primarily are legal costs, including GBP4.9 million for Watchstone's claim against PricewaterhouseCoopers LLP. The High Court dismissed Watchstone's claim, and while it seeks permission to appeal, Watchstone must pay PwC's legal costs, as well as its own. Other outstanding claims are against Aviva Canada, part of Aviva PLC, and against UK tax collector HMRC over the recovery of historic VAT. "We remain focussed on realising the group's remaining litigation assets as efficiently as possible and are confident of returning further cash sums to shareholders in due course," Watchstone says. Read More
(Alliance News) - Watchstone Group PLC said that the High Court dismissed its claim against PricewaterhouseCoopers LLP, adding that it is considering to appeal the judgment. Read More
Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Operating loss in 2022 narrows to GBP151,000 from GBP3.7 million a year ago. Pretax loss narrows to GBP40,000 from GBP3.7 million. Notes legal fees of GBP2.1 million, compared to GBP1.1 million a year earlier. Legal fees incurred during 2022 primarily relate to the litigation undertaken by the company against PricewaterhouseCoopers LLP and KPMG LLP, it says. Read More
Watchstone Group PLC - cash shell with remaining assets comprising litigation assets, contingent liabilities and cash - Says that following its 2023 annual general meeting, its Senior Non-Executive Director Michael Howard and Non-Executive Director David Young will step down from the board and will not be replaced. Following these changes, the board will comprise Non-Executive Chair Richard Rose and Chief Executive Officer Stefan Borson. Rose will become chair of each of the board's committees. Read More
(Alliance News) - Watchstone Group PLC said on Monday it had agreed a settlement of its claim against KPMG LLP, entailing the professional services firm pay the insurance software group GBP5 million without admission of liability. Read More
(Alliance News) - Watchstone Group PLC on Tuesday reported a widened half-year loss as administrative expenses climbed, and provided updates on three legal claims against other companies. Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News: Read More
(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News: Read More
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