21st Dec 2015 15:09
LONDON (Alliance News) - Daniel Stewart Securities PLC on Monday said its nominated adviser Beaumont Cornish Ltd has resigned with immediate effect, just eight months after being appointed, as Daniel Stewart continues to finalise a funding package that would allow to publish its annual accounts for the year to end-March 2015.
Daniel Stewart's shares are suspended from trading on AIM as it finalises this funding package, and it warned that under AIM rules, if it fails to appoint a new nomad within a month of Beaumont Cornish's resignation, its trading on AIM will be cancelled.
Daniel Stewart's previous nomad Westhouse Securities resigned at the beginning of May. It appointed Beaumont Cornish shortly after, and at that time Beaumont had agreed it would be able to resign at any time should any party become a 10% or higher shareholder in Daniel Stewart without its prior approval.
The company did not provide a cause for Beaumont Cornish's resignation Monday. Rob Terry, the former chairman of Quindell PLC, holds an 8.75% stake in Daniel Stewart as the third largest shareholder, a similar level to what he held when Beaumont Cornish was appointed.
Elsewhere, Daniel Stewart said it is still loss making, as it intends to report for the period to end-September, although due to recent bond issues its cash balance and net assets have improved.
Additionally, it has appointed Terry Ward as its non-executive chairman from the beginning of next year.
The company's shares remain suspended.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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