LONDON, 6th August, 2009 – The Board of Panmure Gordon & Co is pleased to announce that the investment in the Company by QInvest, announced on 21 May 2009, has now received the required regulatory clearances and will complete tomorrow morning when the shares subscribed by QInvest are admitted to AIM.
* QInvest, the largest investment bank in Qatar, will on completion hold a 47.1% stake in the Company’s undiluted share capital.
* The placing raised approximately £23m and will provide Panmure Gordon with the financial strength and headroom to take advantage of market opportunities as they arise.
* Four senior QInvest executives, Shahzad Shahbaz, Rommie Bhutani, Asar Mashkoor and Nader Shenouda, will join the Board and further strengthen it with their global investment banking experience and Middle East regional knowledge.
Tim Linacre, Panmure Gordon chief executive, commented: “Since the announcement of the proposed investment I have had the opportunity to work with QInvest’s management to identify areas where we can work together for the benefit of our clients and our shareholders. It is clear to me that there will be many shared opportunities. The next months will be spent in developing and implementing plans to leverage the relationship.”
Shahzad Shahbaz, QInvest chief executive, said: “I am delighted that the transaction will now complete. I and my colleagues look forward to working with the management and Board of Panmure Gordon to develop the opportunities open to us in Panmure Gordon’s core markets and more broadly in the Gulf. There is a lot of work to be done to realise these opportunities, but I am convinced that the potential rewards will be very attractive.”
Group Communications Manager
T: +44 20 7614 8333
About the Panmure Gordon Group
Founded in 1876, Panmure Gordon & Co (PMR.L) is a leading independent mid-cap institutional stockbroker and investment bank. Encompassing its US franchise, ThinkEquity, LLC, the Group employs approximately 250 professionals across the US, the UK and Nyon, Switzerland, offering a blend of transatlantic financial services including research, sales and trading, wealth management and asset management.