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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 31/03/2015 |

Rob Terry has used some of the proceeds he raised from bailing out of Quindell to acquire a 7.4% stake in Aim adviser Daniel Stewart Secirities. 

He acquired 31.25 million shares today at prices between 0.15p and 0.554p. That takes his stake to 52 million shares. The Daniel Stewart share price jumped 1.5p to 1.7p. The share price had not previously been above 0.4p in the previous 12 months and it has not been at this level for more than three years. The shares returned from suspension on 6 March when the broker finally published its annual report for the year to March 2014.

The share buying may have mopped up a share overhang but there is little reason for the positive reaction for the share price. It is unclear what positive effect
Terry could have on Daniel Stewart and given his tarnished reputation it is more likely to be a negative.

The broker recently raised £1.52m via shares, bonds and loan notes in order to strengthen its balance sheet but it needs to stem its cash outflow.

AIM Journal March 2015 available.

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