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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 01/12/2014 |

Aim broker Daniel Stewart Securities says that it will relinquish its nominated adviser licence on 12 December. 

Daniel Stewart has already resigned as nominated adviser to some of its clients but others will need to find an alternative in the next few weeks or face losing their quotation.

The move will reduce revenues but the related cost savings should offset that reduction.

Trading in Daniel Stewart shares was suspended at 0.35p on 1 October because the accounts had not been published within six months of the year end. Daniel Stewart cannot publish its accounts for the year to March 2014 until its regulated capital problem is resolved. The broker has previously said that it is awaiting approval from the FCA for a potential new significant investor that would provide cash to cover the shortfall in its regulatory capital.

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