SHARES in stockbroker Daniel Stewart Securities rocketed by 750 per cent yesterday, after ex-Quindell boss Rob Terry upped his stake in the firm to 7.4 per cent.
Yesterday afternoon, Daniel Stewart addressed the spike in its shares, which jumped from 0.2p to 1.7p. “The company notes the recent movement in its share price and confirms, in this context, that there are no corporate transactions in contemplation,” it said.
A subsequent statement revealed that Quindell founder Terry had bought 31,250,000 shares “at prices ranging from initially 0.15p to 0.554p”. The transaction took Terry’s total holding to 52m shares, or 7.4 per cent of the company.
Aim-listed Daniel Stewart has previously acted as broker for Quindell, and as recently as October last year was rating its shares as a “buy”, with a target price of 700p.
Terry was forced to stand down as Quindell chair in November, after a series of scandals, including an attack by US short-seller Gotham City, whittled the company’s share price down from highs of over 600p to less than 80p right before he left.
Daniel Stewart declined to comment yesterday, while Terry could not be contacted.