Press Releases
QInvest investment in Panmure Gordon
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.
Key highlights
* 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."
Biographical details for the four new non-executive directors, Mr Shahbaz, Mr Bhutani, Mr Mashkoor and Mr Shenouda can be found at:
http://www.panmure.com/InvestorRelations/CompanyAnnouncements.aspx
Media enquiries:
Nathaniel Webb
Group Communications Manager
T: +44 20 7614 8333
E: nathaniel.webb@panmure.com
About ThinkEquity LLC — A Panmure Gordon Company
Focused on the growth sectors of the economy, ThinkEquity provides research, equity financing, M&A advisory, institutional sales and trading, wealth management and asset management services to institutional investors, corporate and private clients, venture capitalists, entrepreneurs and financial sponsors. As a Panmure Gordon company, ThinkEquity accesses the combined financial expertise of professionals based in San Francisco, New York, Boston, Chicago, London, Liverpool and Geneva. Research-driven, we remain true to our founding principles: the power of growth, focus, deep domain expertise and people. www.thinkequity.com
About the Panmure Gordon Group
Founded in 1876, Panmure Gordon & Co. (PMR.L) is a leading independent institutional stockbroker and investment bank. Encompassing its US franchise, ThinkEquity, LLC, the Group employs approximately 240 professionals across the US, the UK, Singapore and Nyon, Switzerland, offering a blend of transatlantic financial services including research, sales and trading, wealth management and asset management. www.panmure.com