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The majority of acquisitions by Quindell were from memory based on shares with a lock in period: I wouldn't be surprised if many former equity partners cut and ran the moment the lock in ended.

S+G acquisition of Quindell PSD was, again from memory, a cash purchase funded in part by a share issue and in part borrowings.

The S+G share price is only down 5.5% thus far today, now more heavily 'leveraged' than ever before in its history and trading at c 1/3 of the pre expansionist position.

And that's before the feared global equity sell off.

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