Daniel Stewart (AIM: DAN.L), stockbroker and corporate finance adviser to smaller and medium-sized companies is pleased to announce that, as a result of substantial demand from staff, the Board has approved the issue of 30,018,500 ordinary shares of 0.25p each (“Ordinary Shares”) at a price of 2 pence per Ordinary Share (the “Placing”). The Placing is being fully subscribed by Daniel Stewart staff and will raise £0.6 million in new capital to strengthen further the Company’s balance sheet.

 

As part of the Placing, certain Daniel Stewart non-executive Directors are subscribing for new Ordinary Shares, as set out below:

 

Name           New Ordinary Shares                  Resultant shareholding      

 

Peter Dicks   1,487,500                         1,527,500                         0.38%

 

Stuart Lucas 1,062,500                         2,062,500                         0.51%

 

The issue of the new Ordinary Shares remains subject to the receipt by the Company of cleared subscription monies, expected no later than 23 March 2010, and application will be made for the new Ordinary Shares to be admitted to trading on AIM (“Admission”) with dealings expected to commence on 26 March 2010.

 

Following Admission of the new Ordinary Shares detailed above, Daniel Stewart’s issued share capital shall comprise 405,329,566 Ordinary Shares (excluding the new 50,000,000 Ordinary Shares to be issued as consideration for the acquisition of MENA-RL as announced on 18 February 2010.)

 

 

Peter Shea, Chief Executive Officer said:

 

 

Adam Wilson, Chief Executive Officer designate commented: