Proactiveinvestors United Kingdom Daniel Stewart Proactiveinvestors United Kingdom Daniel Stewart RSS feed en Sun, 26 May 2019 20:02:06 +0100 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[News - Rumoured Rob Terry stake hike sends Daniel Stewart higher ]]> Shares in Daniel Stewart Securities (LON:DAN) surged more than 20% today amid hopes that the former Quindell boss could look to up his stake in the broker.

Rob Terry’s investment vehicle, Quob Park Estate, has a 9.99% stake in the AIM-listed stockbroker.

It has not been able to extend this due to restrictions put in place by the Financial Conduct Authority (FCA) while it conducted a probe into Quindell.

But the FCA dropped its investigation this morning to make way for the Serious Fraud Office (SFO), sParking speculation that Terry might soon raise his stake in Daniel Stewart.

However, this seems unlikely in the near term at least. For Quob Park said on August  5 that it "would not plan to gain FCA approval" for further shares purchases until ALL investigations in Quindell are finished, including the SFO probe.

Terry’s Quob Park also has 12% stake in Imaginatik (LON:IMTK).

Shares in Daniel Stewart rose 0.3p to 1.75p today.

Tue, 18 Aug 2015 12:08:00 +0100
<![CDATA[News - Daniel Stewart sees another loss this year ]]> Daniel Stewart (LON:DAN), the broking business Quindell (LON:QPP) founder Rob Terry bought into recently, told investors it would report another loss this year.

The stockbroker has had a tough time lately and saw its shares suspended from AIM in October for five months.

This was due to a shortfall in its regulatory capital position, which forced the company to give up its nominated adviser business in an attempt to cut costs and narrow its focus.

Today, chairman Peter Shea said resolving capital issues had cost it £150,000 and the episode has led to clients delaying business.

As a result, he anticipates a pre-tax loss of £850,000 for the year ended 31 March 2015, which is lower than the £1.46mln loss in its previous financial year.

"Although it is always disappointing to report a loss, albeit an improved position from the previous year, we now have our regulatory capital issues firmly behind us and a more focused overhead,” said Shea.

He added that despite difficult trading conditions, the business has won six new clients in the last seven weeks and is engaged on a number of fundraisings, including two initial public offerings.

Rob Terry, the founder and former executive chairman of Quindell – which was floated by Daniel Stewart - bought a 7.4% stake in the broker last month after quitting Quindell December.

Shares in Daniel Stewart were priced at a penny in early afternoon deals.

Wed, 15 Apr 2015 13:44:00 +0100
<![CDATA[News - Quindell founder Rob Terry buys into Daniel Stewart ]]> Shares in broker Daniel Stewart (LON:DAN) skyrocketed 650% today as the founder of Quindell, Rob Terry, bought a 7.4% stake in the firm.

Speaking to Proactive Investors, Terry confirmed he had purchased 31mln shares in the firm today - priced between 0.15p and 0.5p - taking his holding to 52mln shares.

Terry, who was also Quindell’s executive chairman, quit the company in November and offloaded almost all of his holding of the business in December.

His selling sent Quindell (LON:QPP) shares plummeting and on one particular day trading was halted on eight occasions to allow large numbers of deals to complete.

Prior to news of Terry’s purchases Daniel Stewart - which has provided Quindell with brokerage services - saw its share price surge in afternoon deals, but the firm said it knew of no reason for the movement.

Traders had already bid the shares up by 300% to 0.8p by midday. By around 2.00pm 79mln shares in the stockbroker had changed hands, dwarfing an average daily volume of 3.2mln.

Shares in Daniel Stewart only began trading again on AIM earlier this month after being suspended in October because it missed a regulatory deadline for filing its accounts.

The business got into difficulties last year after it identified a shortfall in regulatory capital. It gave up its nominated adviser business in an attempt to cut costs and narrow its focus.

In January, it secured £1.5mln in new funding through two cash subscriptions and via a loan note agreement.

Shares were 322% higher at the time of writing at 0.84p.

Tue, 31 Mar 2015 15:40:00 +0100
<![CDATA[News - Daniel Stewart still confident despite slide into loss ]]>  

Broker Daniel Stewart (LON:DAN) today became the latest small-cap focused broker to slide into the red due to weak financial markets hitting the number of company deals.

Interim losses soared to £606,000 compared to a profit of £1 million in the previous half year.

The small and medium cap specialist said the first quarter started well but the second three months from July to September proved to be particularly slow.

Timing delays were part of the problem said Stewart, which has been investing heavily in Asia. International transactions take longer to execute than similar UK or European deals, it said.

Since the half-year the broker added it had completed a number of transactions originally anticipated for the first half including several Asian listings. 

Revenue for the six months to September increased from £3.5 million to £3.6 million, but the broker said the costs of the international development were higher than planned and combined with a staff retention plan and share based payments this produced an underlying after tax loss of £144,000 against a profit of £191,000 in the previous first half.

The broker said it remains “very confident about a positive outcome for the year,” adding that its investment in Asia will assist in sustaining the business should the economic outlook in Western Europe remain bleak.


Thu, 22 Dec 2011 09:01:00 +0000
<![CDATA[News - Daniel Stewart comments on online gambling industry in light of potential legislation changes in US ]]> In a commentary on the online gambling industry in the United States, London-based stockbroker Daniel Stewart said it believes that new online gambling legislation may be introduced and passed in the US during H2 2010.

According to Daniel Stewart, the UIGEA legislation, which essentially outlawed onlune gambling in the US in September 2006, has not worked as a prohibition measure, as a number of major operators continued to offer their gambling services to US citizens, most notable of which are the online poker operators PokerStars and Full Tilt Poker, the broker stated.

The stockbroker noted speculation that US Senator Harry Reid and his pro-legislation cohorts are preparing a Bill that could be introduced into the Senate within the next three months and ready for approval by the President during H2 2010.

Daniel Stewart believes that the proposed Federal legislation will encompass just online poker and exclude casino and sports betting services, which should ensure that it is easier to implement.

The broker also highlighted that the land-based gambling industry association, the American Gaming Association (AGA) - which includes major Las Vegas players MGM (NYSE: MGM), Harrah’s Entertainment, Wynn Resorts (NASDAQ: WYNN) and Las Vegas Sands (NYSE: NVS) - recently changed its stance on online gambling from neutral to positive. The move is partially attributed to a perceived change in view of both MGM and Steve Wynn, who had historically been sceptical about the online market, Daniel Stewart said.

“The legalised US online poker market represents a massive pot of gold for the entities that can monetise a market we estimate to offer likely annual gross gaming revenue of >$8bn annually”. According to Daniel Stewart, the clear winners from the proposed US legislation will be the US-based gambling giants such as Las Vegas Sands, MGM, Harrah's and Wynn.

In terms of European operators potentially landing US licenses, the broker believes the ‘jury is out’, and it will depend on how the new legislation is set up. Daniel Stewart noted that in one instance, the legislation may favour domestic land-based operators by effectively excluding offshore operators.

However two other scenarios may potentially provide opportunities for European-based operators. According to the broker, the legislation may allow other operators to secure a licence if they built or acquired a land-based presence.

The third and ‘most exciting’ scenario identified by Daniel Stewart would be that the legislation is open to ex-US operators that pass tests of appropriateness for securing a licence. Under this scenario European-based operators could potentially pass the requisite tests given their scale and experience in operating in regulated markets such as the UK and Italy, and having invested heavily in KYC (Know-Your-Customer due diligence and regulation) and anti-money-laundering technology, Daniel Stewart said.

Should the rumoured legislation come to pass, Daniel Stewart identified several European listed companies who may potentially benefit - Playtech (AIM: PTEC), bwin Interactive (AUT: BWIN), Sportingbet (AIM: SBT), PartyGaming (LSE: PTY), 888 Holdings (LSE: 888) and online payment service group Neovia (AIM: NEO).

Mon, 19 Apr 2010 14:54:00 +0100
<![CDATA[News - Daniel Stewart acquires financial consulting business and appoints new CEO ]]> Daniel Stewart (AIM: DAN) announced the all-share acquisition of financial consulting business MENA-RL (MENA) in a deal worth £1.1 million. MENA, which is owned by Daniel Stewart’s non-Executive director Adam Wilson, has approximately 20 clients across Europe, Africa and the six Gulf Cooperation Council (GCC) Member States. In the year ended 31st December 2009, MENA reported turnover of US$1.3, pre-tax profit of US$349,339 and had net assets of $351,515.

Daniel Stewart will issue Adam Wilson, 50 million new shares which were valued at £1.1 million at the closing price on 12th February 2010. Upon completion Wilson will re-distribute 16.9m shares to certain employees of MRL Holdings. Subsequently Wilson will hold 61.3m shares, representing 16.9% of the company’s enlarged share capital.

According to Daniel Stewart, the acquisition further enhances its cross-border reach and research offering. The stockbroker already has an established research distribution arm through its US partner Madison Williams. Following the acquisition, the enlarged group will benefit from a further enhanced distribution base and wider penetration of potential dealflow, Daniel Stewart said.

Adam Wilson will be appointed as the Chief Executive of the enlarged Daniel Stewart group once the deal has been completed, current Chief Executive Peter Shea will assume the newly created Executive Chairman position. Additionally, Peter Dicks will assume the role of Senior Independent Director of the Company.

"We are delighted to have completed the acquisition of MENA as it will underpin a significantly enhanced offering. It is key to have a wide reach and strong international presence and we feel that the enlarged group will be well placed to further grow its core offering”, Daniel Stewart CEO Peter Shea said. ”Additionally, Adam's proven credentials, coupled with his extensive experience in the financial services arena will prove invaluable as we continue to grow the business".

Mon, 15 Feb 2010 13:31:00 +0000
<![CDATA[News - Daniel Stewart eyes Middle East and North African markets with new investment deal ]]> Investment bank Daniel Stewart Securities (AIM: DAN) said it had secured £2.3 million through an equity placement to Prime Holding (Prime Group) to boost its balance sheet and gain access to new markets.

Daniel Stewart has agreed to sell 110 million new ordinary shares at a price of 2.1p per share to Prime Group, giving the Cairo-headquartered Middle East focused investment bank a 26% stake in the company. The placing is contingent on due diligence by Prime Group and shareholder approval.

The deal is expected to help Daniel Stewart, which offers corporate advisory and stockbroking services to small and medium sized companies, establish footing in the Middle Eastern and North African markets and give it access to the Gulf Cooperation Council and significant pools of capital in the area.

“We are delighted to welcome such a strong and established regional player into the company and look forward to working together to further develop the brand and the investment banking franchise to small and medium size companies regionally,” said Chief Executive of Daniel Stewart Peter Shea.

The company signed an agreement to distribute its research into the United States via Sanders Morris Harris Group’s subsidiary back in March

Daniel Stewart added 4.3% in early trade on the London Stock Exchange following the announcement.

Thu, 10 Sep 2009 10:44:00 +0100
<![CDATA[News - Daniel Stewart to distribute research into US via Sanders Morris Harris Group ]]> UK Stockbroker Daniel Stewart (AIM: DAN) said that it had signed an agreement for the distribution of its research into the United States with a subsidiary of Sanders Morris Harris Group (NASDAQ: SMHG), a Houston based asset manager and institutional brokering, trading and research company.

Peter Shea, Chief Executive Officer of Daniel Stewart said:

“This agreement provides us with enhanced distribution capabilities in a period where liquidity is difficult. We are certain that this service will be beneficial to many of our clients. The signing of this agreement is further confirmation of the outstanding quality of our research product. This agreement follows on from a growing partnership between the two firms over the last three years. During that time we have jointly completed a number of cross border M & A transactions. We are sure that the combination of our two firms will be attractive to UK companies wishing to access the US market.”

Mon, 16 Mar 2009 10:42:00 +0000
<![CDATA[News - Daniel Stewart raises £0.5 million at 2 pence per share ]]> Daniel Stewart (AIM: DAN), the small cap stockbroker and corporate finance adviser, announced that it had conditionally placed 25 million shares at a price of 2 pence per share, raising £0.5 million.  Assuming the fundraising receives shareholder approval in January, the cash injection would increase its resources to approximately £2 million.

Daniel Steward is one of many small stockbrokers to see its share price decimated as the IPO market in London has all but dried up, and even secondary fundraisings for existing companies on London's Alternative Investment Market has collapsed.

"The Group, along with most other market participants, has seen a significant fall-off in transactional work; however it has an excellent base of retained corporate clients and, following the Placing, will have net cash balances of approximately £2m, which gives the Company confidence that it will be in a good position to benefit when normal market conditions return. In the meantime, the Group has reduced its recurring cost base by over 20% since the middle of the year," the company stated.

Looking ahead, Daniel Stewart said it was keen to add to its presence in North America and other "major financial centres."

Mon, 22 Dec 2008 10:37:00 +0000
<![CDATA[News - Daniel Stewart confident of future despite posting full year loss ]]>
Daniel Stewart was considerably damaged by US legislation in 2006 to online gambling operators, as it had two clients in the sector, and had additional clients in the pipeline. The poor result was also compounded by an internal restructuring conducted in the second half of 2006 which resulted in a £1.7 million one off cost incurred through bolstering staff levels and the transferring of shares to the Employee Benefit Trust (£1.6 million).

Peter Shea, Daniel Stewart's Chief Executive added: "The year just completed has been one of change for the Company. We have successfully created a high quality team of market professionals delivering an upgraded product to both our corporate and institutional clients. The new financial year has commenced well with a return to profitability and we look forward to the balance of the year with confidence".

Shares in Daniel Stewart slipped 10% to 14.5 pence.

Mon, 13 Aug 2007 09:18:00 +0100