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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 15/02/2010 |

Adam Wilson has sold his Middle East financial consultancy to Daniel Stewart Securities and he will become chief executive of the Aim adviser.

The current chief executive Peter Shea will become executive chairman. Former Hichens Harrison boss Wilson will become chief executive at the beginning of the new tax year on 6 April 2010.

Daniel Stewart is paying 50m shares for Wilson’s company MENA-RL, which generated a profit of $349,000 on revenues of $1.34m in 2009. At 2.125p a share, that values MENA at £1.06m. MENA gives Daniel Stewart exposure to the Middle East, where it previously tried to gain exposure through a tie-up with Egypt-based Prime Group. Prime was going to invest £2.31m in the broker at 2.1p a share but this fell through.

Wilson is already a 9.8% shareholder and non-executive director of Daniel Stewart and he will distribute nearly 17m of the shares he receives to certain employees of the MENA group, leaving him with 19.9% of Daniel Stewart.

Daniel Stewart signed a £1m, two-year unsecured credit facility with Swiss trust company FCI AG at the end of 2009. This is being swapped for a convertible loan with a conversion price of 2p a share. The conversion can take place up until 28 December 2011 when the loan expires.

At 2p a share, down 0.125p on the day, Daniel Stewart is valued at £6.26m before the proposed share issue.

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