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Private client stockbroker ejected from AIM

Private client stockbroker ejected from AIM

Daniel Stewart Securities has lost its place on the Alternative Investment Market (AIM) after failing to find a nominated adviser (Nomad).

Shares in the boutique, which provides corporate advisory, institutional stockbroking and wealth management services, were suspended on 21 December after its Nomad, Beaumont Cornish, resigned.

Under AIM rules the firm had 30 days to find a replacement for Beaumont or face eviction from the market.

Despite its best efforts Daniel Stewart failed to find a replacement and AIM has subsequently cancelled its listing.  

In a statement issued earlier this month the firm said its largest shareholders - which include Epilson Investments and Quindell founder Rob Terry - remained committed to the firm over the long term and that the company had significant working capital in place.

However, it said should the shares be delisted it would seek alternative mechanisms to facilitate the trading of shares. This could include a potential relisting in the future.

In the statement dated 15 January chief executive Peter Shea said: ‘Although the decision has been somewhat taken out of our hands, becoming an unquoted company will give us time to put in place the right operational and financial structures while we determine the optimal listing status.’

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