17th Apr 2015 06:51
LONDON (Alliance News) - Daniel Stewart Securities PLC said Friday its nominated adviser Westhouse Securities has resigned with effect from the beginning of May, and it is in discussions with an alternative nomad.
Under AIM rules Daniel Stewart is required to have a nomad in order to keep trading. As a result, if it does not appoint a replacement before Westhouse ceases to be its nomad it will be suspended from trading. If it is unable to find a replacement within a month of that date, its trading on AIM will be cancelled.
Daniel Stewart gave up its own status as an AIM nominated adviser to other companies in a move to cut costs last year, after getting into difficulties as a result of identifying a shortfall in its regulatory capital position, leading to its shares being suspended as it sought new funding to strengthen its balance sheet.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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