Further to the announcement of 20 February 2007 the Board of Panmure Gordon are pleased to confirm that, the appropriate regulatory clearances having been received, the acquisition of ThinkEquity has now been completed.

2 April 2007



• Acquisition of ThinkEquity completed on schedule

• Mix of consideration between cash and equity reflects ThinkEquity’s profitable performance in Q1

Tim Linacre, CEO of Panmure Gordon, said:

“I am delighted the transaction has completed. It is particularly encouraging to see that ThinkEquity is expected to have a record quarter in the three months to end of March 2007, building on the previous record quarter of the three months to December 2006. ThinkEquity has a most encouraging Investment Banking pipeline, and there are good prospects for further growth in the Wealth Management business."

Further to the announcement of 20 February 2007 the Board of Panmure Gordon are pleased to confirm that, the appropriate regulatory clearances having been received, the acquisition of ThinkEquity has now been completed.

The consideration for the acquisition was $35.9 million for the equity of ThinkEquity and US$26.4 million for the assumption and repayment of debt and all current liabilities and the recapitalisation of the business. The reduction in the proportion of the consideration represented by the assumption of debt results from the profitable performance of ThinkEquity in the first quarter of 2007 after including a full accrual for bonuses in respect of that period. The consideration is funded by the issue of a total of 9.1m new shares in Panmure Gordon (of which 7.2m are issued now and up to 1.9m will be issued over the next eighteen months) and $3.6m of cash from Panmure Gordon’s own resources. The assumption of debt and liabilities is being funded by $22.9m of cash from Panmure Gordon’s own resources and the issue of up to 0.97m new shares over the next three years.

In respect of the number of shares to be issued, the share price and the exchange rate have been fixed at 181.5p and $1.962 to GBP £1 respectively. Application has been made to the Alternative Investment Market of the London Stock Exchange for the admission to trading of 7.2m shares, which will rank pari passu in all respects with the existing share capital of the Company. It is expected that the shares will be admitted to trading on 5 April 2007.

As previously announced a contingent performance pool has been established over an additional 16.85 million shares available for award over the next three years dependent on a number of conditions including financial performance targets. At all levels of vesting; the transaction would be earnings enhancing for Panmure Gordon. Any shares issued by way of the contingent performance pool will vest over the period 2009 to 2013.

Michael Moe, Co-Founder, Chairman and CEO of ThinkEquity and Deborah Quazzo, Co-Founder, President and Head of Investment Banking at ThinkEquity are both appointed as Directors of Panmure Gordon with immediate effect.

Michael Moe, aged 44, is a founding partner of ThinkEquity Partners LLC and was formerly Director of Global Growth Stock Research and a Managing Director at Merrill Lynch. Prior to joining Merrill Lynch in 1998, Michael was a Senior Managing Director and Director of Growth Stock Strategy at Montgomery Securities. He is a member of the New York Society of Security Analysts, a member of the San Francisco Analyst Society and is a past advisor for the Center of Innovation. As a result of the acquisition, Michael will initially hold 1,156,700 shares in Panmure Gordon, representing 1.88% of the enlarged share capital.

Deborah Quazzo (nee Hicks), aged 46, is the co-founding partner of ThinkEquity Partners LLC and heads the firm’s Investment Banking practice. Formerly a Managing Director in Investment Banking at Merrill Lynch, Deborah founded and headed Merill Lynch’s Global Growth Group. Prior to her 13 years at Merrill Lynch, she worked at JP Morgan. As a result of the acquisition, Deborah will initially hold 1,214,418 shares in Panmure Gordon, representing 1.98% of the enlarged share capital.

Save as set out above, there is no further information regarding these appointments to be disclosed in respect of the AIM Rules

Panmure Gordon announced preliminary results for the year ended 31 December 2006 on 13 March 2007. These results showed adjusted earnings per share of 15.8p and included the following extracts about outlook:

"The New Year has started well for us and, although markets have very recently been more volatile, our corporate finance pipeline is encouraging.” “Our institutional equities business is performing well".

This remains the case.

Performance of ThinkEquity

ThinkEquity's results will be consolidated from 1 April. The three months ended 31 March 2007 will be a record quarter for ThinkEquity following on from a strong last quarter in 2006, itself the previous record quarter. In the three months to 31 March 2007 the business will produce profits after bonuses and interest in line with expectations with a particularly strong performance of Investment Banking. The pipeline for Investment Banking for Q2 and the rest of the year is most encouraging. There are good prospects for growing the wealth management business.