Daniel Stewart Securities Share Discussion Threads

[kooba] 04/10/2013 09:21

Nod.Without actually exercising they can mark to market So they had exercise price 2.6p the underlying price of quindell at the 2012 year end was say 8p so they say that the intrinsic value is 5.4p on 40m gives them a £2.2m unrealised profit.Does not explain that the price of quindell rallied again substantially during 2013 so there should have been further gains to book even on a mark to market basis but I suppose one would have to look closely at when these warrants were exercised...I think a lot were exercised before the 2013 financial year started and I think from a cursory look at quindell disclosures that some were exercised in the 2013 first half and further chunk second half of the year (jan) ...but I agree there should have been further gains in 2013 whatever holding was left.The fact that the company (apart from saying £500k holding dec int) has never clarified what has happened to such a significant asset and the p&l treatment of it since it has been such a material factor to the company's balance sheet baffles me.....but there again I think that's the idea!!!

[nod] 04/10/2013 01:19

18 August 2009:What is the likely take out price by Astaire as DAN have got through the massive cash pile they had a few months back???? Where has the cash gonePosted by lr4850The questions have not changed in 4 years

[nod] 03/10/2013 23:06

As well as Shea's huge salary of 445k in the 2012 financials, DAN also made extravagant payments and loans to Adam Wilson. Adam Wilson had resigned by 9 June 2011 meaning he was a director for only about 9 weeks in the 2012 financial year yet earned a fantastic sum from a small company. Wilson had also been given 1.1 mil GBP in DAN shares for MENA, which seems to have been a dead duck if not a fraud.Annual Report to March 2012 Page 35 Adam Richard Wilson a major shareholder of Daniel Stewart Securities plc has been paid £521,828 by Daniel Stewart & Co plc in respect of his consultancy agreement with Daniel Stewart Securities plc. At 31 March 2012 £24,000 had been paid in advance to Adam Richard Wilson in respect of this agreement. At 31 March 2012 Adam Richard Wilson owed Daniel Stewart Securities, the parent company, £120,100 in respect of cash advances

[nod] 03/10/2013 22:50

Earlier this year there were discussions on the QPP thread and in the press about QPP shorting their own shares. QPP subsequently issued a vague statement that it had closed its positions. I wonder if DAN was involved in shorting. I cannot fathom how DAN could have a significant book loss in its portfolio between end of H1 and end of H2 at 31 March 2013. The stock markets did rather well in the 6 months to 31 March.

[lr4850] 03/10/2013 20:35

Great summing up kooba and thanks for your help with my email. Here's hoping others email the regulators.

[kooba] 03/10/2013 15:57

With the facts available any shareholder who feels that AIM rule 11 has been fully complied with ....fine....those who do not should email [e-mail] with their thoughts on the matterGeneral disclosure of price sensitive information11. An AIM company must issue notification without delay of any new developments which are not public knowledge concerning a change in:? its financial condition;? its sphere of activity;? the performance of its business; or? its expectation of its performance,which, if made public, would be likely to lead to a substantial movement in the price of its AIM securities.

[kooba] 03/10/2013 15:35

As well as not informing the market of a material change in trading which they had months to do....they allowed an optimistic forward looking statement to remain in the market for six months from year end when they undoubtedly knew it was giving a false impression of the true picture.As for not giving any real clue to the treatment of the quindell warrants relative to the p&l is misleading and strictly speaking due to the size of the asset relative to the balance sheet should have been treated as a material realisation so shareholders could see where the real p&l was coming from.The whole thing has been an exercise in keeping material facts from shareholders paying lumps out to directors and staff from the balance sheet when the underlying business was not profitable...generally misleading shareholders on the true underlying trading position...perhaps in the hope that things would pick up sharply and cover their tracks....they got worse!

[vyke82] 03/10/2013 12:37

They made a huge sharetrading loss versus profit last year. I guess they are following their own share recommendations in buying. The have buy rating on VOG to 8, shares are 0.95p. They have 27p target for srella diamonds, share sits at 1p. One thing amazes me is they have 300mio under management. Who would trust their money to Dan. This is fraud!

[vyke82] 03/10/2013 12:31

They own warrants

[lr4850] 03/10/2013 11:06

According to QPP board DAN hold 4,000,000 QPP shares.

[lr4850] 03/10/2013 07:39

Wang off an email to the authorities, it won't take long and may just achieve something in making DAN more accountable to AIM rules.

I think your point Nod about the cosy and unfruitful relationship for shareholders of Wilson and O' Shea needs looking at more deeply - something very untoward here in my opinion. Perhaps shareholders money was used to refurbish their pub.

[loverat] 03/10/2013 06:29

I have just been looking back at past results and seeing if there is a seasonal factor. Certainly revenues may be lumpy but I cannot see a specific pattern etc and I cannot reconcile the statement in the December update with the reality. H2 revenues were well down and at that stage there must have been an indication of this. It seems inexplicable how they could say there were signs of an improvement without making mention of this then or subsequently.

In the absence of an explanation I think the management could not bring themselves to say this at the time. They mentioned there were signs of improvement and perhaps hoped the extent of the downturn in H2 would be disguised or clouded in the full year results. I have watched what goes on in these markets and been surprised at the systematic failings. This one leaves me in shock.

[nod] 02/10/2013 23:26

oops, I didn't mean to hit submit then.My point was that we should have received some notification in April that H2 was massively down and we should have received a clear explanation of the reasons for this.I don't know about you guys but I still don't have enough information to understand the reasons for the deterioration in revenues.The Olympics is mentioned but was surely not affecting H2 by this much.DAN appears to be exposed to shareholding that we are not made aware of AFAIKQPP has been mentioned often but that was quite robust through to 31 March.

[nod] 02/10/2013 23:17

The revenues in H1 were 3.1m and for the year only 4.8mWhile H1 was down 0.5m the year as a whole was massively down.

[nod] 02/10/2013 22:41

There are several major issues as I see it.Failure to give shareholders and the market warning of a significant decrease in business activity and revenues. Obviously many insiders would have been aware of this situation but shareholders were not made aware in a timely fashion i.e we were informed more than six months after the significant deterioration took place.Failure to report to shareholders on the progress of a wholly owned subsidiary MENA. DAN paid the equivalent of 1.1 million pounds in shares and continued to pay Adam Wilson over half a million per annum in consultant fees. There has been little or no reporting of any business or revenues from this region since the acquisition and no information during the period the consultant fees were paid.Failure to inform shareholders of the relationship between Shea and Wilson i.e partners in one or more private joint ventures.

[lr4850] 02/10/2013 21:06

Let's hope DAN are one of the "easier targets". At least they may have to spend time answering awkward questions and may be that bit wiser in the future.

[loverat] 02/10/2013 20:49

Ir4850

If your complaint was along the lines of the apparent deterioration in trading which was not informed to the market, then I would have thought it would have to be taken seriously. More so, because of this company above any other should be aware of the rules.

However, in my experience having made complaints to the Solicitors Regulator, FCA and other regulators about very high profile offenders with a previously good reputation, the regulators often choose to bury it. High profile companies and individuals who fall foul of the rules are a bigger embarrassment to the regulator - hence they tend to go after small, unheard of or easier targets.

[lr4850] 02/10/2013 20:37

Kooba

Have you had a reply to your email complaint. I have and it appears they are taking it seriously. Let's see.?

[nod] 02/10/2013 11:03

The shares sold were over 5% so we should be told via RNS who sold them.

[kooba] 02/10/2013 10:10

Wondering if 10m were left with MM and they're pushing them?Nice turn from .23p !They are not well bid on the rsp's so even after raft of small buyers they don't want them.

[loverat] 02/10/2013 10:06

Amazing action here. You sometimes see these rallies even going above the share price prior to a terrible RNS. I would not buy these anywhere near this price.

[kooba] 02/10/2013 09:46

Yep distressed(aint we all) seller just wanted out and the only size buyer in town was Mr Shea( unsurprisingly) so could name his price!Maybe he is trying to privatise on the qt !Anyway where the hell are these buyers coming from...did they not read the results! :)