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Panmure Gordon

  • BY: Andrew Hore |
  • POSTED: 21/05/2009 |

QInvest is injecting £23m into Aim adviser Panmure Gordon.

QInvest is the largest investment bank in Qatar and it will end up with 44% of Panmure. It will also help the firm to gain access to capital and corporate clients in the Gulf.

This cash raising is larger than the £17.3m cash injection proposed by BlueGem in April. QInvest is subscribing for shares at 34p each, whereas BlueGem was going to pay 24p a share. SPQR Capital also put forward a proposal but it was not as good as the QInvest one.

Panmure will have pro forma regulatory assets of £45m, which is more than 3.5 times the regulator’s required minimum.

Four new non-executives will be added to the Panmure board, taking the number of directors to 10. The four new directors all work for QInvest. 

The investment is dependent on the approval of the Financial Services Authority and the US financial regulators.

At 42p a share, up 2p on the day, Panmure is currently valued at £31.9m.

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