Slater & Gordon defends UK buy but changes tack
LAW firm Slater & Gordon has defended its controversial Quindell acquisition in the UK as it unveils several changes to appease the corporate regulator.
The company – the world’s first publicly listed law firm – has come under scrutiny in recent months over problems with Quindell, which it acquired for $1.3 billion in March, as well as confusion about its own accounting practices.
Following discussions with the Australian Securities and Investments Commission (ASIC), it yesterday committed to changes, including the early adoption of a new standard and providing greater clarity about how it books revenue.
ASIC welcomed the changes but said it was continuing to probe the company’s financial reports.
Slater yesterday booked a net profit of $82.3 million in 2014-15, up 5.6 per cent from a year ago. It will pay a partlyfranked final dividend of 5.5
After hitting a high of $8.07 in April, Slater’s share price has fallen in the last few months amid investor fears about fallout from the Quindell purchase. The stock rose 17 to $3.12 yesterday. EXPECT to see jetpacks buzzing around as early as next year as they make the leap from science fiction to reality.
Martin Aircraft hopes to launch its world-first jetpacks towards the end of 2016, initially for first responders such as fire and rescue and military.
Founder and inventor Glenn Martin is in Brisbane this weekend speaking to young entrepreneurs at The Unconvention, about how his boyhood dream of flying around in a jetpack turned into an ASX listed reality.
As a kid growing up in New