News blog
Panmure Gordon
- BY: Andrew Hore |
- POSTED: 15/04/2009 |
Aim adviser Panmure Gordon has obtained a £17.3m cash injection from BlueGem LP.
This sparked a 2.5p rise in the share price to 36.5p, which values Panmure at £27.6m.
BlueGem is paying 24p a share for its 40.3% stake. Marco Capello and Emilio Di Spiezio Sardo will join the board as non-executive directors.
BlueGem is a private equity fund which has made four investments in the UK and Italy.
Panmure’s regulatory capital will be over £40m - more than three times its required regulatory capital - and management hopes that BlueGem will help to introduce the broker to contacts and expertise.
Panmure reported a loss of £28.8m in 2008. The underlying loss was £9.2m, against a 2007 profit of £10.5m. The UK trading loss was £2.2m. Corporate finance income halved. Overall revenues fell from £65.2m to £42.1m. The cash outflow from operations was £16.6m.
UK costs have been reduced by 10% and US costs cut by 18%. The US operation was responsible for most of the 2008 loss, which included a £13.7m write-down on the value of goodwill relating to the US acquisition.
Trading conditions don’t appear to have improved significantly. There are signs of an improvement in the UK, though.
© 2025 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
- Browse by issue
- All issues
- Popular tags
- All tags
- AIM Micro feeds
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds
|