EFG-Hermes to subscribe for 9.97% of Panmure Gordon & Co

Dubai: EFG-Hermes, an investment bank in the Middle East and North Africa region, has agreed on Monday to subscribe for 9.97 per cent of the share capital of Panmure Gordon through the placing of 6,732,675 million new shares for cash by Panmure Gordon to EFG-Hermes at a price of 47p per share. Following the completion of the capital increase, EFG-Hermes Holding will hold an interest of 9.06 per cent in the voting rights in Panmure Gordon.

Tony Caplin, Chairman of Panmure Gordon said: "The markets we operate in are becoming more international and the opportunities available through a business relationship with EFG-Hermes are compelling. The ability to access EFG-Hermes' clients for our UK and US research and investment banking products is exciting and will give us a major competitive advantage. We see considerable business opportunities in providing reciprocal access for EFG-Hermes to our client base in the UK, Europe and the US. We also believe there are opportunities to develop new business streams. I am delighted to welcome EFG-Hermes as a new substantial shareholder in the business."