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Daniel Stewart acquires financial consulting business and appoints new CEO

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".

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