A cheeky financial blog with stories about deals, dealmakers and anything else I find interesting. Edited by Ben Harrington.
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Now this is a surprise - Rob Terry buys massive stake in Daniel Stewart - part 4
Shares in Daniel Stewart are sharply up this morning, surging about 12pc at pixel time.
However, nobody appears to know why the stockbroker's stock is in such demand, including the company itself.
Here is a regulatory news service announcement from the broker:
IMMEDIATE RELEASE 16 June 2015
Daniel Stewart Securities plc
('Daniel Stewart' or 'the Company')
Statement re share price rise
Daniel Stewart Securities plc (AIM: DAN), the investment bank providing corporate advisory, institutional stockbroking and wealth management services, notes the recent price movements in the Company's ordinary shares of 0.25p each and would like to inform the market that it knows of no reason for this movement and that there are currently no updates to the information contained in the Company's trading update provided on 8 May 2015. To this end, the Company continues to work on the placing to raise up to £1m which it expects to announce shortly and, whilst the terms haven't been set, investors should note that it is likely this will be priced at a discount to the current market price.