Daniel Stewart Securities has only recently resumed trading on AIM following capital shortfall
Quindell founder Rob Terry has acquired a 7.4% stake in stockbroking firm Daniel Stewart Securities.
The deal took the total number of shares owned by Terry directly and through company or family interests to 52 million – 7.4% of Daniel Stewart’s issued shares.
The stockbroker’s share price surged in trading yesterday, closing at 1.7p, compared with Monday’s closing price of 0.2p.
Daniel Stewart has recently emerged from a difficult period. Its shares resumed trading on the London Stock Exchange’s Alternative Investment Market
On 6 March after a five-month trading suspension.
Trading in the stock was suspended on 1 October 2014 after the company did not file its annual report in time.
The company delayed publication of the report because it had discovered a shortfall in regulatory capital.
Daniel Stewart announced on 29 January that it had raised £1.52m to plug the shortfall.