LONDON (Alliance News) - Daniel Stewart Securities PLC said late Friday it has appointed Beaumont Cornish Ltd as its nominated adviser with immediate effect and will resume trading on AIM on Monday, and plans to raise GBP1 million in a share placing.
Under the terms of Beaumont's agreement with Daniel Stewart, Beaumont will be able to resign at any time should any party become a 10% or higher shareholder without its prior approval. Rob Terry, former chairman of troubled insurance services outsourcing firm Quindell PLC, holds a 9.06% stake in Daniel Stewart.
Daniel Stewart said that trading conditions remain challenging, and as such it is planning to further strengthen its balance sheet and raise funds from existing or new investors, or a combination of both. It is looking to raise GBP1 million, and is talks with its largest shareholders Epsilon Investments PTE Ltd to lead the funding.
"The board continues to be encouraged by the level of new and existing business opportunities; and new business wins have been sufficient to give the company the confidence to add to the team with the appointment of three new members of the corporate broking team," the company said in a statement.
Shares in the company remain suspended.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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