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10 Sep 2009 07:00
10 September 2009
DANIEL STEWART SECURITIES PLC (AIM)
("Daniel Stewart" or "the Company")
Placing of 110,000,000 new ordinary shares
at 2.1p per share to raise £2,310,000 ("the Placing")
The Board of Daniel Stewart Securities plc, the investment bank offering corporate advisory and institutional stockbroking services, is delighted to announce that it has conditionally entered into an agreement to raise £2,310,000 before expenses in a placing of new ordinary shares with Prime Holding ("Prime Group").
HIGHLIGHTS
Strategic investment in Daniel Stewart by Prime Group
Prime Group is a leading Middle East Investment Bank headquartered in Cairo, Egypt, with regional offices in Abu Dhabi, Dubai and Qatar.
Prime Group was founded in 1992 as a privatisation consulting office to the government of Egypt. Prime Group has grown strongly into a leading regional Investment Bank.
Prime Group has an excellent research department and this capital injection will broaden Daniel Stewart's already strong research offering.
The Placing will significantly enhance Daniel Stewart's balance sheet.
Daniel Stewart will now have access to the Gulf Cooperation Council ("GCC") and North African markets, which will enhance its aims of growing into this region. This will allow Daniel Stewart access to significant pools of capital in the Middle East and North Africa ("MENA") area.
Daniel Stewart's Board will be strengthened by new Directors from Prime Group.
Commenting on today's announcement, Peter Shea, Group Chief Executive, said:
"This investment by Prime Group demonstrates the excellent platform for growth that the Company is establishing. We are delighted to welcome such a strong and established regional player into the Company and look forward to working together to further develop the brand and the investment banking franchise to small and medium size companies regionally.
"Both Daniel Stewart and Prime Group are committed to the building of the leading research offering for its target market companies.
"Added to the successful JV we have already established with SMH Capital in the US our aim is to firmly establish Daniel Stewart as the Global Partner of choice for small and medium size companies internationally."
The Chairman of Prime, Mr Shireen Alkady said
"We are pleased to become partners with Daniel Stewart. Between us we will be able to provide access to substantial pools of capital for our clients as well as provide improved trading opportunities. Our combined businesses will offer a high quality research product which will be seen as a major driver for small and mid cap companies."
Further information
The Placing is conditional upon, inter alia, completion of satisfactory due diligence by Prime Group, shareholder approval of authority to issue the new ordinary shares to be sought at the Company's AGM on 30 September 2009 and regulatory approval.
Following completion of the Placing, Prime Group would be interested in approximately 26.0% of the enlarged share capital of the Company.
It is expected that a letter will be posted to shareholders shortly detailing the Placing, and a further announcement will be made in due course.
--ENDS--
Enquiries:
DANIEL STEWART SECURITIES PLC Tel: 020 7776 6550
Peter Shea
BISHOPSGATE COMMUNICATIONS LIMITED Tel: 020 7562 3350
Maxine Barnes
Nick Rome
Siobhra Murphy
danielstewart@bishopsgatecommunications.com
ARBUTHNOT SECURITIES Tel: 020 7012 2000Nick Tulloch
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.
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