Smaller company-focused Daniel Stewart Securities has raised £1 million at a discounted 2p and strengthened its top team.

Smaller company-focused Daniel Stewart Securities has raised £1 million at a discounted 2p and strengthened its top team.

Chief executive officer Peter Shea says the AIM-quoted stockbroker and corporate finance adviser raised the money, with the help of Blue Oar Securities, ‘to scotch rumours that we were running out of cash’. On the contrary, he insists the company is holding its own well, particularly in the fields of healthcare, technology, leisure and gaming.

Two new appointments should also stand Daniel Stewart in good stead. Stephen Roberts, formerly of Collins Stewart, is to be the new head of corporate finance and Christopher Wiss, one-time senior vice president of Fox-Pitt Kelton and ex- director of Dresdner Kleinwort Wasserstein, is joining as head of sales.

Daniel Stewart shares have fluctuated between 6p and 1p over the past 52 weeks and now stand at 3p. This values the company at £7.8 million.