24th Feb 2016 08:08
LONDON (Alliance News) - Stockbroker and investment bank Panmure Gordon & Co PLC on Wednesday said Chief Executive Phillip Wale has stepped down and will leave the company, while it said trading has remained tough but added it has secured new financing from its main shareholder.
Patric Johnson, who was appointed deputy chief executive in October, has been promoted to CEO with immediate effect, subject to securing approval from the Financial Conduct Authority, the City regulator.
Johnson joined the company in 2013 from Evolution Group, the securities firm, and was the co-founder and chief operating officer of ICAP Equities Ltd.
Panmure added that trading conditions since its update in December have continued to be challenging, though the group has raised a total of GBP244.0 million for its clients in that period and advised on three corporate deals, including the rights issue for plastics company RPC Group PLC and the sale of the 'i' newspaper to Johnston Press PLC.
The group also said it has agreed a GBP5.0 million funding facility with its main shareholder, QInvest LLC, which owns a 43% stake in the business. The revolving facility is Shariah-compliant, Panmure said, and will be provided on an unsecured basis for 18 months at a cost of funding equivalent to Libor plus 250 basis points.
Panmure shares were up 2.8% early Wednesday to 59.625 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
PMR.L