20th Jul 2006 09:10
Panmure Gordon & Co. plc20 July 2006 Panmure Gordon & Co Plc ("Panmure Gordon" or "the Company") Update on Panmure Capital Directorate Change Panmure Capital, the co-investment vehicle created in January 2006 to provideprivate equity finance for later stage growth companies is pleased to announcethat it has made encouraging progress to date. Panmure Capital was establishedwith funds provided by Panmure Gordon, The Bank of Scotland and its managers,Richard Wyatt, Executive Chairman of Panmure Gordon, and Edward Forwood. The Board of Panmure Gordon and the managers of Panmure Capital have beenpleased by the number and quality of late stage investment opportunities thathave been seen since inception. The fund has made four investments, one of whichhas already floated,, and there are a number of attractive investments currentlyin varying stages of negotiation. Therefore, and following indications ofsupport from investors, it has been decided that a larger fund would be moreappropriate to the market opportunity. It is unlikely that Panmure Gordon willmake a further substantial investment in this larger fund but will retain itsinvestment and carried interest in the existing fund. A further announcementwill be made in due course. Consequently Richard Wyatt will step down from his current role as ExecutiveChairman of Panmure Gordon, effective from the 24th July 2006, to concentrate onPanmure Capital. Richard will remain on the Board of Panmure Gordon as aNon-Executive Director. Charles Stonehill, currently Deputy Chairman of PanmureGordon will become Executive Chairman of Panmure Gordon. -ends- For further information please contact: Panmure Gordon:Tim Linacre/David Liddell 020 7459 3600 Bell Pottinger Corporate & Financial:David Rydell / Nick Lambert / Chris Hamilton 020 7861 3232 About Panmure Gordon •Panmure Gordon is a UK-focused corporate and institutional stockbroker which provides corporate finance advice, distributes and trades securities and publishes investment research on behalf of a wide range of clients•The firm is one of the oldest established stockbrokers in the City, having been founded in 1876 by Harry Panmure Gordon•The business merged with Durlacher Corporation Plc at the end of April 2005 and is focused on UK equities, ranging from FTSE 100 to fast growing AIM stocks•Panmure Gordon is quoted on AIM (PMR.L)•Panmure Gordon currently advises or is stockbroker to approximately 100 companies•Its institutional client base is served by a very experienced sales team and supported by in-depth research on more than 250 companies and 300 investment trusts•For more information on Panmure Gordon please visit http://www.panmure.com•For more information on Panmure Capital please visit http://www.panmurecapital.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PMR.L