18 May 2016 07:30
For Immediate Release | 18 May 2016 |
Panmure Gordon & Co. plc
("Panmure Gordon" or the "Company")
AGM Statement
At the Annual General Meeting of the Company being held today, Ed Warner, Board Chairman, will make the following comment:
"As we stated in our 2015 results announcement in March, 2015 was a challenging year in financial markets. While it gave the Board no pleasure to report a loss for Panmure Gordon for the year, this was viewed against a weak backdrop in primary equity issuance. The business has since been remodelled with a corporate-led, sector driven approach and this strategy is already yielding results.
2016 has started positively. Since January, we have completed 20 transactions including three IPOs, MaxCyte (Healthcare) in March, Osirium (Technology) in April and Morses Club (Financials) in May. In addition we have completed a range of secondary placings and advised on a number of strategic / M&A transactions, including the acquisition of the i-newspaper by Johnston Press, the €103m non-core disposal and return of capital by Regenersis (since renamed Blancco Technology Group), the reverse takeover of Brighton Pier by Eclectic Bars and the sale of Penna Consulting to Adecco, one of the world's leading providers of HR solutions. These deals incorporated all the key aspects of the Panmure Gordon advisory and M&A service offering and demonstrate the ongoing success of the business in 2016.
The new clients and additional expertise obtained from the acquisition of Charles Stanley Securities, combined with the existing Panmure Gordon offering, provide a strong platform from which to move forward. Our focus on delivering the highest quality of service and advice to our client base, together with an energetic and determined approach to originating new business, will continue to generate opportunities for growth.
Finally, as previously announced this will be my last Annual General Meeting. As announced on 3 May, Andrew Adcock is appointed as non-Executive Chairman with effect from tomorrow and his considerable experience in both broking and investment banking will be invaluable. I leave a business well placed to capitalise on its long heritage in the UK stock market and its enduring reputation for integrity in the conduct of client business and I wish Andrew and all the team well for the future."
Enquiries:
Panmure Gordon
Patric Johnson, Chief Executive Officer 020 7886 2500
Philip Tansey, Chief Finance Officer 020 7886 2500
Buchanan (financial PR) 020 7466 5000
Richard Darby/Stephanie Watson
panmure@buchanan.uk.com
Grant Thornton Corporate Finance (Nominated Adviser)
Philip Secrett/Salmaan Khawaja/Jen Clarke 020 7383 5100