Panmure Gordon to raise $35.8 million from QInvest

Panmure Gordon & Co. plc, a UK-based provider of corporate and institutional investment banking and stock broking services, has entered into an agreement to raise GBP23 million through the sale of its 67.5 million new ordinary shares to QInvest, LLC. The shares will be issued at a price of GBP0.34 per ordinary share.

QInvest is a Qatar-based investment banking company.

Following the transaction, QInvest will hold a 44% stake in Panmure Gordon.

ING Corporate Finance, Berwin Leighton Paisner LLP, and Financial Dynamics are acting as financial, legal, and PR advisors, to Panmure Gordon, respectively. Qinvest Investment Banking and PricewaterhouseCoopers are acting as joint corporate finance advisors, while Lovells (Middle East) LLP and Hill & Knowlton are acting as legal and PR advisors to QInvest, respectively, on this transaction.

Deal Value (US$ Million) 35.8
Deal Type                Private Placement
Sub-Category             None
Deal Status              Announced: 2009-05-21

Deal Participants

Target (Company)   Panmure Gordon & Co. plc
Acquirer (Company) QInvest, LLC

Deal Rationale

The investment would further strengthen the balance sheet of Panmure Gordon.

% Acquisition             44%
Offer Price ($ per share) 0.52
No. Shares Issued         67514813

Related terms: acquisition, corporate, finance, investment banking, legal, middle east, Private Placement, qatar