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  • BY: Andrew Hore |
  • POSTED: 28/08/2012 |

Brainspark has taken a 9.9% stake in smaller company-focused broker Ascend Capital.

Brainspark is swapping 4m of its own shares at a price of 5p a share for the Ascend stake.

Ascend ( is headed by former Media Corporation boss Justin Drummond, who also used to be Brainspark executive chairman. Ascend is an appointed representative of John Gunnís Global Investment Strategy UK Ltd

So far this year, Ascend has raised £2.58m for its new shareholder and it will allow Brainspark to use its London offices.

Brainspark used to have a 19.6% stake in Daniel Stewart Securities but it sold that in 2011 for £1.5m - 2p a share.

At 4.75p a share, Brainspark is valued at £4.24m.

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