31st Mar 2015 14:12
LONDON (Alliance News) - Former Quindell PLC Chairman Robert Terry Tuesday emerged as a major shareholder at troubled AIM-listed stockbroker Daniel Stewart Securities PLC.
According to Daniel Stewart, Rob Terry now has about 52 million shares in the company after buying 31.25 million shares at prices ranging from 0.15 pence to 0.554p on Tuesday. The shareholding is held both directly and through "company/family interests", according to a regulatory filing.
Terry was forced to step down as Quindell's chairman in November last year following unusual share dealings with Equities First Holdings LLC.
News of Terry's stake in Daniel Stewart comes just one day after Quindell agreed a deal to sell its professional services arm to Australian law firm Slater & Gordon Ltd for GBP637 million and confirmed that a review by PricewaterhouseCoopers LLP has initially found that some of its accounting practices were "at the aggressive end of acceptable practice".
Earlier on Tuesday afternoon, Daniel Stewart had issued a statement after its shares more than quadrupled on Monday's closing price. The company's shares were restored to trading in early March after it secured funding and published its restated results for 2014 after it ran into difficulties that year over a shortfall in regulatory capital.
The AIM-listed corporate advisory and institutional stockbroking company's shares were up 325% at 0.850 pence on Tuesday afternoon.
"The company notes the recent movement in its share price and confirms, in this context, that there are no corporate transactions in contemplation," Daniel Stewart had said prior to publishing details of Terry's shareholding.
By Samuel Agini; [email protected]; @samuelagini
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Related Shares:
QuindellDaniel Stewart Securities Plc