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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 22/02/2010 |

Close Brothers has added 25m shares to its stake in Aim adviser Daniel Stewart Securities.

This is the same number of shares issued in a placing at 2p a share, which raised £500,000 on 16 February.

Close owns 25.1m shares in Daniel Stewart, which is equivalent to 7.43%.

FCI AG has converted £250,000 of the £1m credit facility it provides to Daniel Stewart. A further 12.5m shares were issued for this.

Adam Wilson is selling his Middle East financial consultancy to Daniel Stewart and he will become chief executive of the company. This is dependent on FSA approval.

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, down 0.125p on the day, Daniel Stewart is valued at £7.18m before the 50m shares are issued.

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