AGM statement: 24 May 2010

At the annual general meeting of the Company being held today, Simon Heale, the Chairman, will make the following comments:

“The business is making progress against a background of volatile markets and a challenging economic backdrop.

In the UK we have this year successfully concluded a number of investment banking transactions, though the pipeline is weighted towards the second half of the year. Commission income has shown some improvement from the levels seen earlier in the year, in part as a result of commission generated from clients introduced by our major shareholder, QInvest, and we expect to see that continue. Our Swiss operation continues to perform well.

In the US, where we operate as ThinkEquity, a Panmure Gordon Company, our investment banking pipeline continues to grow and we are now entering a period of deal execution. We have been involved in one completed IPO and are mandated on another eight IPOs which have filed with the SEC and an additional four which have not yet completed their filing process. We also have a number of M&A and private placement mandates underway in both the UK and the US. Commission income in the US remains under pressure as the volumes of equities traded (particularly in non-financials) remains at historically low levels; we do however expect commission to increase as the year progresses.

Taking the year as a whole, we expect there to be a strong bias in revenue, and particularly in profitability, towards the second half. We will provide an update on our expectations for the year at the end of September, when we announce our results for the first six months of the year.

We see further opportunities to develop the business. In the UK, Panmure Gordon & Co has a strong market position. As a number of brokers depart the small cap arena we see clear opportunity to provide companies, whatever their size, with high quality advice and support. In the US our intention is to establish ThinkEquity as one of the leading boutique investment banks. ThinkEquity has been successful in winning financing and advisory mandates; its challenge is now to convert those mandates to meaningful revenue, to continue to build on the momentum being created and to drive the business towards profitability.

As a Group, the different parts of our business are increasingly operating as one to the benefit of our clients. We see significant growth in the coming years.”


Nathaniel Webb, Group Communications Manager
Panmure Gordon & Co. plc: 020 7459 3600

Ed Gascoigne-Pees, Financial Dynamics: 020 7831 3113

Gerry Beaney, Grant Thornton UK LLP (NOMAD): 020 7383 5100