Completion of disposal of ThinkEquity LLC

Further to the announcements of 8 and 28 March 2012, the Board of Panmure Gordon confirms that, as all conditions have either been satisfied or waived, the sale of its US subsidiary to a newly formed holding company, ThinkEquity Holdings LLC, has now been completed.

The terms remain as set out in the earlier announcements, other than that US management has subsequently subscribed for additional equity, further reducing Panmure Gordon’s interest to a 22.5% interest in ThinkEquity.