6th Nov 2014 13:01
LONDON (Alliance News) - Daniel Stewart Securities PLC, the small company advisor whose shares were suspended from trading last month, Thursday said it is awaiting approval from regulators over a "potential new significant investor" as it looks to bolster the capital it is required to hold in order to ensure that it has sufficient financial resources to cover the risks of its business.
Daniel Stewart shares were suspended from trading on October 1 as it wasn't able to publish its report and accounts for its previous financial year within six months of it ending, as required under AIM rules.
Later that month, Daniel Stewart said its inability to publish its report and accounts was due to the identification of a shortfall in regulatory capital under European rules. At the time, it said it was in discussions to strengthen its balance sheet.
Regulatory capital is different to working capital, which is the capital required to operate the firm.
"We have been very happy with the interest in helping us resolve our regulatory capital issue. We are now awaiting approval from the FCA in respect of a potential new significant investor and, once this has been received, look forward to moving towards completion of the financing," Peter Shea, chairman and chief executive, said at Daniel Stewart's annual general meeting on Thursday.
The company's shares will remain suspended until it publishes its annual report for the year ended March 31.
By Samuel Agini; [email protected]; @samuelagini
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