Panmure Gordon & Co. Plc Contract
September 22 2016 - 4:49AM
UK Regulatory
TIDMPMR
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
GBP2 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 panmure@buchanan.uk.com
Grant Thornton Corporate Finance
(Nominated Adviser)
Philip Secrett/Salmaan Khawaja/Jen 020 7383 5100
Clarke/Harrison Clarke
View source version on businesswire.com:
http://www.businesswire.com/news/home/20160922005488/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
September 22, 2016 05:49 ET (09:49 GMT)
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