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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 09/02/2011 |

Brainspark has sold 75m shares in Aim adviser Daniel Stewart Securities.

This could put an end to a potential partnership between the two firms that would have enabled them to become participants in AIM Italia.

This placing was carried out by Daniel Stewart itself and the buyers were staff and existing shareholders. The shares were sold at 2p each.

The investment company exercised its option to acquire the 75m shares at 2p a share at the end of June 2010. That took its stake to 100m shares, or 19.6% of Daniel Stewart.

The statement from Daniel Stewart says that Brainspark no longer has a notifiable interest in the broker. That suggests that it has sold additional shares.

At 2.4p a share, Daniel Stewart is valued at 12.3m.

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