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Issue of Equity

3 Mar 2010 07:00

RNS Number : 9830H
Daniel Stewart Securities PLC
03 March 2010
 



03 MARCH 2010

 

 

Daniel Stewart Securities PLC

 

("Daniel Stewart", "the Company" or "the Group")

 

ISSUE OF EQUITY

 

Daniel Stewart (AIM: DAN.L), stockbroker and corporate finance adviser to smaller and medium-sized companies, is pleased to announce that it has conditionally placed 25,000,000 new ordinary shares of 0.25 pence each ("Ordinary Shares") with Brainspark Plc ("Brainspark"), an AIM-listed investment company, at a price of 2 pence per Ordinary Share, raising £500,000 for the Company ("the Placing"), before expenses. The proceeds of the Placing will be utilised for general working capital.

 

Application will be made for the new Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on or before 10 March 2010. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares.

 

Following completion of the Placing, Brainspark will be interested in approximately 6.66 per cent. of the enlarged share capital of the Company. Following admission of the new Ordinary Shares, Daniel Stewart's issued share capital will comprise 375,311,066 Ordinary Shares of 0.25 pence each, excluding the 50,000,000 ordinary shares to be issued as consideration for the acquisition of MENA-RL, as announced on 18 February 2010.

 

The Company also announces that it has granted Brainspark, in consideration of the payment of £1, the option to purchase a further 75,000,000 Ordinary Shares (the "Option"). The Option will be exercisable at the price of 2 pence per share at any time until midday on 29 June 2010 and should the Option be exercised, Brainspark will hold 100,000,000 ordinary shares in Daniel Stewart. The exercise of the Option is at the discretion of Brainspark. Should the Option be exercised Alfredo Villa, CEO of Brainspark and with over 20 years experience in the Swiss banking industry, will be invited to join the Board of Daniel Stewart as a Non-Executive Director. The exercise of the Option and the appointment of Alfredo Villa to the Board of Daniel Stewart are both subject to, inter alia, approval from the Financial Services Authority.

 

Peter Shea, CEO of Daniel Stewart, said: "We are delighted to welcome Brainspark on board as a shareholder and we look forward to continuing to grow the business, creating value for shareholders."

 

Prof. Francesco Gardin, Chairman of Brainspark, commented: "Our decision to enter into the financial services sector has been a long-term goal of the Company. By the end of the calendar year, we hope to have created a comprehensively structured group of companies, each with strong synergies to our core investment, Mediapolis Investments SA. Our investment in Daniel Stewart will provide us with the professional capabilities, expertise and placing power to facilitate our future investments, should we require it. We are also hoping to utilise their experience to become involved with AIM Italia, where together we can establish a successful smaller company market in Italy.

 

"We have great respect for the management team at Daniel Stewart and look forward to a successful working relationship with them as we continue to pursue European investments in line with our investing strategy.

 

 

Further information:

 

Peter Shea, Chief Executive Officer

Daniel Stewart Securities PLC

Tel: 020 7776 6550

Nick Tulloch

Arbuthnot Securities Limited

Tel: 020 7012 2158

Nick Rome/Siobhra Murphy

Bishopsgate Communications

Tel: 020 7562 3366

 

 

Notes to Editors:

 

About Daniel Stewart

 

 

Daniel Stewart Securities is an AIM-listed company providing a range of investment banking services to Small Cap publicly traded and non-publicly traded companies. The Group has two subsidiaries, Daniel Stewart and Company, the Group's principal operating subsidiary, which is authorised and regulated by the Financial Services Authority and is a member of the London Stock Exchange, and Daniel Stewart Capital, the Group's leasing and debt financing division.

 

Daniel Stewart is regulated by the FSA, is an AIM Nominated Adviser and PLUS Market corporate adviser, as well as being a regulated broker to both the Official List and AIM. It currently acts for approximately 50 AIM companies and is actively seeking to increase its client base with companies who will benefit from its specialised corporate advisory and institutional stock broking services.

 

About Brainspark Plc

 

Brainspark plc (AIM: BSP) is an AIM listed investment company pursuing a dynamic strategy to create a comprehensive portfolio of companies encompassing the interactive media, leisure, entertainment and financial services sectors mainly in Italy but also other European countries.

 

Its core investment is Mediapolis Investments SA, the owner of a site in northern Italy with plans for the development of a large theme park. The company may be either a passive or active investor and Brainspark's investment rationale ranges from acquiring minority positions with strategic influence through to larger controlling positions.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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