LONDON (Alliance News) - Stockbroker and investment bank Panmure Gordon & Co PLC said Thursday that it has made a strategic investment in newly incorporated company PrimeXtend Ltd, to extend its agency broker services.
AIM-listed Panmure said it will make a cash investment of up to GBP2.0 million over a period of ten months for an initial 49% shareholding in PrimeXtend, subject to performance milestones, with the balance retained by Xtend Group Ltd. PrimeXtend will operate under Panmure Gordon's name.
Panmure Gordon said the use of PrimeXtend's processing architecture will allow it to develop agency broking markets across asset classes suffering from a lack of liquidity and broker options.
"The PrimeXtend investment provides Panmure Gordon with excellent diversification opportunities, expanding not only the group's product range but also its clients and territories" said Panmure Gordon Chief Executive Patric Johnson.
Shares in Panmure were down 0.3% at 45.88 pence Thursday.
By Adam Clark; adamclark@alliancenews.com
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