22nd Sep 2016 10:49
Panmure Gordon & Co. plc
(“Panmure Gordon” or “the Group”)
New Strategic Investment
Panmure Gordon (AIM: PMR), the independent institutional stockbroker and investment bank, is delighted to announce the strategic investment in an exciting newly incorporated company, PrimeXtend Limited (“PrimeXtend”), a business focussed on the evolution of agency broker services.
The Group will make an all-cash investment of up to a maximum of £2 million over a period of ten months, subject to the satisfaction of certain performance milestones, for an initial 49% shareholding with the balance retained by Xtend Group Limited. PrimeXtend will operate under Panmure Gordon’s name.
The investment will allow the Group to develop new agency broking markets across a variety of asset classes to a wide range of institutions, that are currently suffering from a lack of liquidity and broker options, through PrimeXtend’s state-of-the-art processing architecture which will be managed by some of the most experienced practitioners in the market.
Panmure Gordon Chief Executive, Patric Johnson, commented:
“The PrimeXtend investment provides Panmure Gordon with excellent diversification opportunities, expanding not only the Group’s product range but also its clients and territories. We look forward to working alongside PrimeXtend on what we believe is an extremely exciting opportunity.”
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
-Ends-
Enquiries:
| Panmure Gordon | |||||||
| Patric Johnson, Chief Executive | 020 7886 2500 | ||||||
| Buchanan (Financial PR) | 020 7466 5000 | ||||||
| Bobby Morse/Stephanie Watson | |||||||
| Grant Thornton Corporate Finance (Nominated Adviser) | |||||||
| Philip Secrett/Salmaan Khawaja/Jen Clarke/Harrison Clarke | 020 7383 5100 |
View source version on businesswire.com: http://www.businesswire.com/news/home/20160922005488/en/
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