Daniel Stewart back on AIM with adviser

CITY stockbroker Daniel Stewart said yesterday it hoped to raise £1m to strengthen its balance sheet as its shares began trading on AIM again.

Under exchange rules, the firm was forced to suspend trading after its nominated adviser (Nomad) Westhouse Securities resigned. Beaumont Cornish Limited has now taken up the role.

As part of the deal, Daniel Stewart agreed that Beaumont Cornish is entitled to resign as Nomad if any shareholder takes a stake of 10 per cent or more without the adviser’s prior approval.

Daniel Stewart said yesterday it had hired three new brokers and would soon take on another board member.

But it said “trading conditions remain challenging” so it was looking for additional funding.

It has been a difficult year for the firm, which was forced to relinquish its licence as a nominated adviser in November due to poor corporate governance. Its shares were suspended between September and March because of a capital shortfall. The company completed a £1.5m fundraising in January.

Shares spiked last month when it was revealed Quindell founder Rob Terry had taken a stake. Terry’s share is now nine per cent, but he has said he would like to take it to above 10 per cent.

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