Achy-broker heart

21 May 2009 By Jeffrey Goldfarb Follow @jgfarb

A scrum for the storied London broker has been won by a Qatari investment bank, which is taking a 44% stake in a recap. Previous owners include NationsBank, WestLB and Lazard. Panmure s tortured past doesn t bode well for its latest sugardaddy.

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Panmure Gordon, the UK stockbroker, said on May 21 it would issue 67.5m new shares to the Qatari investment bank QInvest to raise £23m. The recapitalisation proposal trumped a previously agreed deal with private equity firm BlueGem Capital Partners and a rival one from SPQR Capital.

QInvest will have a 44% stake and appoint four nonexecutive directors to Panmure's newly expanded 10member board.

Following the placing, Panmure Gordon will have a robust balance sheet and, through QInvest's unique contacts and expertise, every opportunity to achieve strong growth in the coming years, Panmure chairman Tony Caplin said.

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