23rd Sep 2010 14:41
Panmure Gordon & Co. plc
("Panmure Gordon" or the "Group")
Statement re: Press Comment
Panmure Gordon & Co. plc notes the recent press speculation and subsequent statement from Evolution Group PLC regarding a possible offer for the Group. The Board of Panmure Gordon wishes to make clear that there have been no discussions with Evolution Group PLC.
As previously notified, Panmure Gordon will be announcing its results for the first half of 2010 on 29th September. The first half of the year represented particularly challenging markets though we expect a bias in revenues towards the second half of the year.
Panmure Gordon is a well capitalised business, with a well respected brand name and currently has 64 corporate clients in the UK, of which 10 have been won this calendar year. Panmure Gordon has a strong footprint in the UK and US with significant growth potential and has a clear international development strategy in both the Middle East and the Emerging Markets as an independent entity. QInvest, our major shareholder, is supportive of this strategy.
Enquiries:
Panmure Gordon & Co Tim Linacre, Chief Executive +44 (0)20 7459 3600Nathaniel Webb (Group Communications Manager) +44 (0)20 7614 8333
Financial Dynamics Ed Gascoigne-Pees +44 (0)20 7269 7132Billy Clegg +44 (0)20 7269 7157
Grant Thornton Corporate Finance (NOMAD) Gerry Beaney +44 (0)20 7383 5100
Disclosure requirements of the Takeover Code (the 'Code')
Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.
An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4). Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.
Copyright Business Wire 2010
Related Shares:
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