Daniel Stewart Securities PLC Update on Suspension and resignation of Nomad (7717J)
December 21 2015 - 9:42AM
UK Regulatory
TIDMDAN
RNS Number : 7717J
Daniel Stewart Securities PLC
21 December 2015
For immediate release:, 21 December 2015
Daniel Stewart Securities Plc
("Daniel Stewart" or "the Company")
Update on Suspension and Resignation of Nominated Adviser
Daniel Stewart Securities plc (AIM:DAN), the investment bank
providing corporate advisory, institutional stockbroking and wealth
management services, announces that Beaumont Cornish Limited
("Beaumont Cornish") has informed the Company of its resignation as
the Company's Nominated Adviser ("Nomad") with immediate effect.
The Board would like to thank Beaumont Cornish for its support and
advice during recent months.
Whilst the Company's shares remain suspended from trading on AIM
pending finalisation of a funding package to allow it to publish
its Annual Accounts to 31 March 2015 in accordance with AIM Rule
19, in accordance with AIM Rule 1, if the Company fails to appoint
a replacement Nomad within one month of the date of Beaumont
Cornish's resignation, admission of the Company's shares to trading
on AIM will be cancelled.
The Company will seek to identify a replacement Nomad, however,
if no replacement Nomad can be found within the given timeframe,
the Board will explore options to either join another market,
and/or to put in place a matched bargain facility to enable
Shareholders to trade.
The Company has consulted with its largest shareholders and they
remain very supportive of the Board and its strategy for future
growth.
The group is currently still loss making, and will report as
such for the period ended 30 September 2015. Because of recent
introductions of cash through bond issues there are improvements in
both the cash balance and net assets as at 30 November 2015 over
those reported as at 30 September 2014.
Separately, the Board is delighted to announce the appointment
today of Peter Terry Ward as Non-Executive Chairman with effect
from 1 January 2016. Mr Ward an experienced Chairman brings 35
years of senior Board experience in both the public and private
arenas to the Daniel Stewart team and has over his career shown a
commitment to strong corporate governance and guidance for
Executive Management. In accordance with the AIM rules a separate
announcement will be made shortly with more information on his
appointment and to ensure compliance with AIM disclosure
obligations.
*-ends-*
Enquiries:
Daniel Stewart Securities Plc
Peter Shea, Chairman
Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
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