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Daniel Stewart - a big fudge to delay publishing ghastly accounts

By Tom Winnifrith | Thursday 20 October 2016

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Remember when the fraudster Rob Terry told his deluded followers that shares in Daniel Stewart (DAN) were worth 10p each. In those days they were listed on AIM but Terry reckoned that they could be worth even more when delisted. Hmmmm. Now slung off AIM things seem to be going from bad to worse.

It was set to file its accounts for the year to 31 March 2016 by 30th September. But as you can see HERE on 26 September it changed its year end to March 30th. There is only one reason to do this: it buys you an extra three months to file accounts. The deadline is now December 31.

If Daniel Stewart does get around to filing its 2016 accounts by New Year's Eve it might also file its accounts for the year to March 31st 2015 which are still overdue. Daniel Stewart Securities, - a wholly owned regulated subsidiary - of the parent is also yet to file 2015 accounts and has also shortened its year end in 2016 to buy more time.

How on earth the FCA justifies continuing to give approval for Daniel Cesspit to continue to do regulated business in light of this accounting omnishambles defies belief. Is Daniel Stewart bust? Almost certainly it has massive financial issues so how is the FCA allowing the farce to continue.

Heck, even the Quindell (QPP) conman Rob Terry has written down the value of his shares to zero.

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