AGM statement: 24 July 2009

Tony Caplin, the Chairman of Panmure Gordon & Co, will make the following statement at the Company’s AGM to be held later this morning.

“This is the first opportunity to update the market since we announced the investment by QInvest. I am delighted to say that good progress has been made and it is even clearer to me that the combination of Panmure Gordon and QInvest is compelling and will bring real benefits to our clients, staff and shareholders. I had hoped to welcome Shahzad Shahbaz, Rommie Bhutani, Asar Mashkoor and Nader Shenouda to the Board, however the transaction is still to receive all formal regulatory approvals, and their appointment to the Board will be delayed until those approvals are received. We expect the regulatory approval process to complete shortly.

Despite the lack of formal regulatory clearance, considerable work has been undertaken to leverage the opportunities and relationships the investment has brought to the firm, and I expect to be able to say more about this over the coming months.

The firm will be well capitalised and able to withstand continuing difficult markets. In the UK we continue to win and execute business and are pleased with the progress being made. We are particularly pleased with the calibre of recent hires in equity sales and research, and in the quality of corporate client appointments. In the US the focus is on building a pipeline of investment banking business though we do not expect the window for equity capital market deals to fully open until some time in 2010.

Following the very difficult market conditions in the first half of this year we do expect some improvement in the second half. Many commentators expect 2010 to see a significant rebound in investment banking activity, particularly in the US. While we share this view we are still cautious for the short term, though see significant medium term opportunities for the firm.”


Tim Linacre, Chief Executive
Nathaniel Webb, Group Communications Manager
Panmure Gordon & Co. plc 020 7459 3600

Billy Clegg, Financial Dynamics: 020 7831 3113
Gerry Beaney, Grant Thornton UK LLP (NOMAD): 020 7383 5100