It was a busy day for Daniel Stewart Securities yesterday. A hectic morning at the City-based investment bank involved sending out invitations to its lavish Christmas party – dubbed A Champagne Odyssey to be held at Brown’s on Old Jewry. Three hours later the bank, founded in 1989, was rushing out a statement regarding its recent suspension of shares.
The suspension came last week after it failed to publish its annual report. The reason emerged yesterday, a shortfall in its regulatory capital and it won’t be publishing its accounts until its balance sheet has been strengthened. Meanwhile, shares remain suspended.
Maybe some of the funds earmarked for the “champagne odyssey” might help. Or perhaps Santa will source some capital assistance just in time for Christmas…
7 October 2014
Update on Suspension
…During the final stages of preparation of the accounts, the company identified a shortfall in its regulatory capital… and is in discussions with certain parties in order to strengthen the company’s balance sheet for regulatory capital purposes.