Daniel Stewart Securities has only recently resumed trading on AIM following capital shortfall

Quindell Rob Terry

Quindell founder Rob Terry has acquired a 7.4% stake in stockbroking firm Daniel Stewart Securities.

Terry, who stepped down as Quindell’s chairman in November after a controversial share deal, bought 31.25 million shares in Daniel Stewart yesterday.

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.