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Panmure Gordon's chief executive steps down

Published: 19:05 24 Feb 2016 AEDT

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Panmure's chief executive has stepped down...

Phillip Wale, chief executive at City broker Panmure Gordon (LON:PMR), has resigned to be replaced by Patric Johnson as the group revealed trading continued to be challenging.

A statement today also revealed a £5mln funding facility had been agreed  with its main shareholder QInvest.

Patric, 44, joined Panmure from Evolution Group (acquired by Investec in 2012), where he served on the board of Evolution Securities and was Head of Distribution. He will be appointed CEO with immediate effect subject to FCA approval.

Panmure has been in business since 1876 and several of Prime Ministers David Cameron's ancestors have worked at the firm, including his father, who was a senior partner.

In December, the group sounded the earnings alarm as it said the choppy stock market of the second half of the year had led to a number of major deals being deferred.

"Since the trading statement issued on 23 December market conditions have continued to be challenging however, since 1 January 2016 the company has raised a total of £244 million for clients and advised on three corporate transactions including the acquisition of the "i" newspaper by Johnston Press plc and completion of the rights issue for RPC Group plc," it said today.

Panmure said the revolving facility with shareholder QInvest was Sharia compliant, unsecured, with an initial term of 18 months with a cost of funding equivalent to LIBOR plus 250bp.

Tamim Al-Kawari, non-executive director of Panmure and chief executive of QInvest said: "We are fully supportive of Panmure Gordon and its senior management team and firmly believe in the long term prospects for the business, which are anchored around its heritage, people, breadth of experience and its plans for the future."

Panmure shares nudge 2.59% higher in early deals at 59.50p.

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