Legal Notice

Welcome to Panmure Gordon´s Internet Site (the “Site”). It is owned and operated by Panmure Gordon & Co Limited, of One New Change, London EC4M 9AF, United Kingdom. The Panmure Group (or Panmure Gordon) is Panmure Gordon & Co Limited (its “group” as defined in the Financial Services and Markets Act 2000 and each member of the Panmure Group´s directors, employees, agents or nominees). Panmure Gordon (UK) Limited is a wholly-owned subsidiary of Panmure Gordon & Co Limited. Panmure Gordon (UK) Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange.

General Disclaimers

This Site is not intended for any use which would be contrary to local law or regulation. No portion of this Site is directed at you if Panmure Gordon is prohibited by any law of any jurisdiction from making the information on this Site available to you. No portion of this Site constitutes investment, legal or other advice nor is it to be relied upon in making an investment decision. No portion of this Site constitutes an offer or an invitation to make an offer to sell securities or other investments or to provide investment services of any description.

E-mail messages may not be secure and may be intercepted by third parties. If you send us an e-mail containing confidential information about you, you agree that you do so at your own risk and that you hold the Panmure Group harmless from any loss that you may suffer as a result.

UK Regulatory Information: Except where expressly otherwise stated, this Site is communicated in the UK by Panmure Gordon which is authorised and regulated by the Financial Conduct Authority (“FCA”). Panmure Gordon is a member of the London Stock Exchange.

Panmure Gordon Securities Limited is a wholly-owned subsidiary of Panmure Gordon & Co Limited and is a US registered broker-dealer per SEC Rule 15a-6.  Panmure Gordon Securities Limited is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and a member of the Securities Investor Protection Corporation (“SIPC”)

Local Regulatory Restrictions: Panmure Gordon advertises and offers its services and products only in jurisdictions where it is allowed to do so. Not all securities, products or services described on this Site are available everywhere or to everyone.

Risk Warning 

This website should not be regarded as an offer or solicitation to conduct investment business, as defined by the Financial Services and Markets Act 2000, in any jurisdiction other than the United Kingdom. Investors who are resident in or citizens of countries other than the United Kingdom may be subject to local restrictions. The investments mentioned on this website may not be suitable for all recipients or be appropriate for their personal circumstances, if in any doubt advice should be sought from a suitably qualified investment adviser.

The value of the securities and income derived therefrom can fall and past performance is not necessarily a guide to future performance. Investors may lose their initial investment. The value of securities denominated in foreign currency may fall as a result of exchange rate movements. When we comment on AIM or OFEX shares you should be aware that because the rules for these markets are less demanding than for those of the Official List of the London Stock Exchange the risks are higher, there is a higher risk of losing the money you have invested, the marketability of these shares can be restricted, you may have difficulty in selling your shares and there is often a big difference between the buying and selling price so that if you have to sell them immediately after purchase you may get back much less than you paid for them.

A Panmure Gordon company, its directors or employees may have interests in the securities and may add to or dispose of such securities from time to time. A Panmure Gordon & Co Limited company may have provided corporate finance advice, other investment or professional services to the issuer of the securities. The information on this website is believed to be correct but cannot be guaranteed. Opinions constitute our judgement as of this date and are subject to change without warning.

Trade Marks

The trade mark PANMURE GORDON & CO LIMITED, PANMURE GORDON are proprietary to Panmure Gordon, and are the subject of a number of registered trade marks and trade mark applications held by Panmure Gordon. All rights reserved. Trade marks, service marks, company names and logos appearing on this Site that are not the property of Panmure Gordon are the property of their respective owners.

Proprietary Rights

You acknowledge that this Site contains information, data, software, photographs, graphs, videos, typefaces, graphics, music, sounds, and other material (collectively “Content”) which is protected by copyright and other intellectual property rights proprietary to Panmure Gordon and its licensors. If no specific restrictions are displayed, you may make copies of selected portions of the Content, provided that the copies are made only for your personal use. Subject to specific restrictions that may govern specific portions of the Site, Panmure Gordon grants to you the right to download and copy selected portions of the Site (but not the entire Site) for your legitimate and legal internal business purposes, provided that you maintain all of the Panmure Gordon notices, such as all legal notices and disclaimers, copyright notices, trade mark legends, or other proprietary rights notices. Except as provided in the preceding sentence or as expressly permitted by applicable law, if at all, you may not upload, post, reproduce, publish, transmit or distribute in any way Content protected by copyright, or other proprietary right, without obtaining permission of the owner of the copyright or other propriety right. In addition to the foregoing, use of any software Content shall be governed by the software licence agreement applicable to such software. You may not modify, remove, delete, augment, add to, publish, transmit, participate in the transfer or sale of, create derivative works from, or in any way exploit any of the Content, in whole or in part.

Disclaimers and Limitation of Liability

Panmure Gordon provides the Site only for your convenience. No member of the Panmure Group or its affiliates, partners or representatives warrant that the Site will be uninterrupted or error-free; nor do they make any warranty as to the results that may be obtained from the use of the Site. The Site is provided without warranties or other assurances of any kind, either expressed or implied, including but not limited to warranties, conditions or terms as to merchantability, satisfactory quality, or fitness for a particular purpose. To the fullest extent permitted by law, neither the Panmure Group nor any other party involved in creating, producing, or distributing the Site shall be liable for any direct, indirect, incidental, special, or consequential loss or damages that result from the use of or inability to use the Site, including but not limited to interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission, or any failure of performance, whether or not resulting from force majeure, communications failure, theft, destruction, or unauthorized access to the Panmure Group´s records, programs, or services. Nothing herein shall operate to exclude any liability for fraud or for death or personal injury caused by negligence. A disclaimer regarding use of the subscriber section of our website to access our research is available here.

Use of Links 

Should you leave this Site via a link contained herein, and view content on any site that is not provided by the Panmure Group, you do so at your own risk. The content to which you link will not have been developed, checked for accuracy, or otherwise reviewed by the Panmure Group. The Panmure Group is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in any such site, or for any such sites policies in relation to the use or processing of personal data. The Panmure Group makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

Privacy Policy

Panmure Gordon reserves the right to cooperate fully with any investigation by local, state or provincial, national, and international police, regulatory authorities and other officials, and reserves the right to disclose any personal data (including personal or private electronic communication transmitted on the Site) to such officials to the extent requested by them in connection with any such investigation, or as otherwise required by law or regulation.

Email Notice


Any views expressed in such Communications are those of the individual sender, except where the sender states them, with requisite authority, to be those of Panmure Gordon & Co Limited, a group company or an affiliate. Unless specifically labelled as such, the Communication does not constitute research and is intended only for your information. Neither the email nor any attachment is an offer or solicitation to buy or sell any securities or other investments referred to. The views expressed are subject to change at any time without notice.

No member of the Panmure Group (being Panmure Gordon & Co Limited (“Panmure Gordon”), its “group” as defined in the Financial Services and Markets Act 2000 and each member of the Panmure Group’s directors, employees, agents and nominees), accepts any liability for any loss, however arising, from any use of the contents of the Communication. The Communication may not be copied, transmitted, forwarded or distributed to any person other than the intended recipient.

The Panmure Group may provide investment banking or other services to any company or companies mentioned within the Communication. The Panmure Group and/or its representatives may have positions in any securities or other investments referred to or any investments related thereto and may make a market in and buy or sell such securities or investments, and/or may have acted on the contents of the Communication prior to your receipt of it.

Any research attached to this email was approved on the date shown for distribution in the United Kingdom by Panmure Gordon (UK) Limited. In the United Kingdom, research is for distribution only to persons falling within Articles 19 and 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or who are professional customers or eligible counterparties of Panmure Gordon.

All liability for viruses is excluded to the fullest extent permitted by law. Panmure Gordon accepts no liability for incomplete transmission of any Communication and any such transmissions are not guaranteed to be secure. Panmure Gordon & Co Limited reserves the right to intercept and monitor all communications through its networks.

For further information regarding privacy issues please see the fuller guide on this site, or write to:

Panmure Gordon & Co Limited
One New Change
London EC4M 9AF

Termination of Usage

Panmure Gordon may terminate or suspend your access to all or part of the Site, without notice, for any conduct that Panmure Gordon, in its sole discretion, believes is in violation of any applicable law or is harmful to the interests of another person, the Panmure Group, or its affiliates, partners, or other representatives.

Company Details

Panmure Gordon & Co Limited, registered in England & Wales number 2700769
Panmure Gordon (UK) Limited, registered in England & Wales number 4915201
Panmure Gordon (UK) Limited is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange

Panmure Gordon Securities Limited is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”) and a member of the Securities Investor Protection Corporation (“SIPC”)


The registered office of each of these companies is

One New Change, London, EC4M 9AF