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Daniel Stewart Securities

  • BY: Andrew Hore |
  • POSTED: 01/06/2009 |

Aim adviser Daniel Stewart Securities is raising a further £1m after expenses less than six months after a £500,000 fund raising.

The shares were placed at 2p each - the same price as the previous placing. At 2.625p a share, the broker is currently valued at £6.83m.

Christian Wiss has been recruited from NZB Neue Zurcher Bank to take over as head of sales.

Daniel Stewart should report its results for the year to March 2009 during August. This will indicate how fast cash is flowing out of the business. There was an operating cash outflow of £1m in the first half. There was cash of £2.65m at the end of September 2008.

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