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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 10/09/2009 |

Aim adviser Daniel Stewart Securities is raising 2.31m at 2.1p a share from a Middle East investment bank.

The placing price compares with a market price of 3p a share, up 0.125p on the day. That values the existing share capital at 9.37m. The share price has risen by 50% over the past month.

Cairo-based Prime Group has four offices in Egypt and the Middle East. This deal will enable Daniel Stewart to have access to the Gulf Cooperation Council and North African markets.
Prime still has to undertake due diligence before the placing is finalised. The new investor will be represented on the board.

This deal follows the appointment of former Hichens Harrison boss Adam Wilson as a non-executive director of Daniel Stewart.

Chief executive Peter Shea bought 350,000 shares at 2.875p a share on 2 September. That took his pre-placing stake to 14.58%. 

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