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Daniel Stewart Securities / Brainspark

  • BY: Andrew Hore |
  • POSTED: 03/03/2010 |

Brainspark is acquiring a stake in Aim adviser Daniel Stewart Securities and this may lead to the investment company becoming involved with Aim Italia.

This follows the proposed appointment of Adam Wilson as chief executive of Daniel Stewart.

Brainspark is acquiring 25m shares at 2p each and has an option, which cost £1, to acquire a further 75m shares at the same price. The option lasts until 29 June. Brainspark chief executive Alfredo Villa will become a non-executive director. The FSA has to agree to the exercise of the option and the board appointment.

The initial stake is 6.66% of Daniel Stewart’s share capital and if it takes up the option - and the 50m shares are issued for the purchase of Wilson’s business - the stake will be around 19%.

This is part of Brainspark’s plan to become involved in the financial services sector. At 0.78p a share, up 0.025p on the day, Brainspark is valued at £7.44m.

At 2.5p a share, Daniel Stewart is currently valued at £9.07m. 

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