Daniel Stewart wields the axe - part 2

A little update about the looming cull at Daniel Stewart.

I hear between 10 and 15 people were let go yesterday from the stockbroker.

And I suspect Daniel Stewart won't be the only broker to be throwing people out over the next few weeks...

Daniel Stewart wields the axe

There is more gloomy news from London's small cap stockbroking industry.

I hear Daniel Stewart, which has seen its shares suspended, has this week begun a major cull, possibly about a third of its work force.

RARE ALERT: Daniel Stewart said to be close to raising £1 million via equity placing - part 2

I'm glad to see Daniel Stewart confirm my tale from last night. In case you had missed it, I have pasted the announcement from the stockbroker below.

Daniel Stewart Secs

Subscription to raise £1.2million

RNS Number : 2020R

Daniel Stewart Securities PLC

25 June 2015

RARE ALERT: Daniel Stewart said to be close to raising £1 million via equity placing

Daniel Stewart's shares crashed around 30pc today to about 2p.

I'm presuming the news regarding Quindell hasn't helped sentiment around the stockbroker (for readers that don't recall, Rob Terry, the former boss of Quindell is one of the stockbroker's largest shareholders).

Now this is a surprise - Rob Terry buys massive stake in Daniel Stewart - part 5

Readers might recall that Daniel Stewart, the well-known City stockbroker, said yesterday it didn't know what was behind the recent share price gain of almost 50pc in the last week.

However, I have just picked up on the grapevine that Rob Terry - the former boss of Quindell and now one of Daniel Stewart's largest shareholders - was seen at the stockbroker's offices yesterday, having a meeting with chairman Peter Shea.

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.

Now this is a surprise - Rob Terry buys massive stake in Daniel Stewart - part 3

Wow - Daniel Stewart has just released a statement on the Regulatory News Service this evening telling the market Rob Terry, the founder and former chairman of Quindell, has asked the Financial Conduct Authority for permission to increase his stake in the stockbroker to above 10pc.

I have a theory about what might be going on here but for the moment I will keep it to myself.