Posting of Circular: 21 April 2009

Placing of 72 million new Ordinary Shares at 24 pence to raise £17.3 million

Following the announcement made on 15 April 2009 of the proposed placing of 72 million new Ordinary Shares with BlueGem LP (through its subsidiary BlueGem Water Holding B.V.) and an institutional investor, the Board of Panmure Gordon is pleased to announce that the Company has today posted to shareholders the circular including, inter alia, notice of a General Meeting at which the Company’s shareholders will be asked to approve certain matters in relation to the Placing. The Placing will conditionally raise £17.3 million before expenses at a price of 24 pence per new Ordinary Share.

The General Meeting will be held on Friday 8 May at 11.00 a.m. at the offices of Panmure Gordon, Moorgate Hall, 155 Moorgate, London EC2M 6XB.

The circular will be available today on the Company’s website at

Definitions used in the announcement made on 15 April 2009 have the same meaning in this announcement.

Advisers to Panmure Gordon: ING Corporate Finance as corporate finance advisor; Berwin Leighton Paisner LLP as legal advisor; Grant Thornton as Nominated Advisor.

Advisers to BlueGem LP: Lincoln International LLC as corporate finance advisor; Burness LLP as legal advisor.

Tim Linacre, Chief Executive: 020 7459 3600
Nathaniel Webb, Group Communications Manager: 020 7614 8333
Ed Gascoigne-Pees/Billy Clegg, Financial Dynamics: 020 7269 7132
Mark Garrood/William Marle, ING Corporate Finance: 020 7767 1000