Aim adviser Alexander David Securities Group reported a 54% increase in revenues to £1.45m in the six months to June 2010 but there is additional news about the potential purchase of broker Hoodless Brennan.
Alexander David just says that it is continuing its due diligence on HB, although it has confirmed that any bid will be in cash. Cairn has taken over from Strand Hanson as the company’s nominated adviser.
At the suspension price of 0.45p a share, Alexander David is valued at £2.25m. The Astaire deal valued HB £3.61m, so a lot of cash will need to be raised. Alexander David had £314,000 in the bank at the end of June 2010 and it will require additional capital in order to fulfil FSA requirements.
Private client broking, corporate finance and corporate broking all increased their revenues with the private client side achieving the highest growth.
Alexander David has a number of mandates to raise cash for companies in the second half.
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