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Daniel Stewart Securities
- BY: Andrew Hore |
- POSTED: 30/12/2009 |
Aim adviser Daniel Stewart Securities will not be getting the previously announced £2.31m cash injection at 2.1p a share from a Middle East investment bank.
The original deal with Prime Group was announced in September and a circular was promised by management. This is the first news since then. The fall in the share price can’t have helped.
Cairo-based Prime Group has four offices in Egypt and the Middle East. This deal was expected to enable Daniel Stewart to have access to the Gulf Cooperation Council and North African markets.
Prime and Daniel Stewart have undertaken due diligence on each other. A co-operation agreement is likely but no investment will be made by Prime. The two businesses may start an asset management business and a private bank.
Daniel Stewart’s revenues fell from £2.61m to £1.96m in the six months to September 2009 but this figure was slightly higher than the second half of the last financial year. The loss was reduced from £1.21m to £699,000 thanks to lower admin costs. There was £881,000 in the bank at the end of September 2009. The operational cash flow in the six month period was £1.62m.
Daniel Stewart has signed a £1m, two-year unsecured credit facility to provide working capital. The primary provider is Swiss trust company FCI AG.
The results were released at the time the market was closing and the share price was unchanged at 1.75p, which values the broker at £5.47m.
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