At the Annual General Meeting of Panmure Gordon being held at 2.00 pm this afternoon, Charles Stonehill, Chairman of the Company, will make the following statement on behalf of the Board
2 May 2007
Panmure Gordon & Co. plc
Annual General Meeting
At the Annual General Meeting of Panmure Gordon being held at 2.00 pm this afternoon, Charles Stonehill, Chairman of the Company, will make the following statement on behalf of the Board:
"Since the publication of our results on 13 March 2007 the business has continued to make good progress.
Our Corporate Finance pipeline in London remains encouraging and stronger than at this stage last year and we anticipate both a busy end to the first half of this year and a strong second half. Separately, a major focus for the growth of our UK business has been the establishment of our Liverpool office which opened in April. We expect to see this office grow significantly over the next two months as we continue to recruit exceptionally talented individuals. We now anticipate that this office will have between 15 and 20 staff by the end of this year. This office builds our corporate finance capability in the North and will further broaden our research capability.
We assumed control of ThinkEquity, now our US business, at the end of March. The business, prior to coming into our ownership, was profitable in the first quarter of 2007, providing an encouraging indication of its ability to develop a strong and profitable business in the US growth sectors in which it operates. In March 2007 ThinkEquity became part of a network of five firms organised by Goldman Sachs to provide research coverage of companies that issue equity securities in offerings led by Goldman Sachs. This further underscores the high regard in which ThinkEquity is held. We see good growth prospects for ThinkEquity for the rest of this year and into the foreseeable future.
The business is in good shape, well capitalised and able to serve our clients both in the US, Europe and elsewhere. We look forward to continued progress during the rest of 2007."