Panmure Gordon : Timetable Update

Wed 14 Jun 2017

Not For Release, Publication Or Distribution In Whole Or In Part, Directly Or Indirectly In, Into Or From Any Jurisdiction (Including The United States Of America) Where To Do So Would Constitute A Violation Of The Relevant Laws Or Regulations Of Such Jurisdiction

For Immediate Release

14 June 2017

Recommended Acquisition

of

Panmure Gordon & Co. Plc

by

Ellsworthy Limited

Timetable Update

On 17 March 2017, the boards of Panmure Gordon & Co. plc ('Panmure Gordon') and Ellsworthy Limited ('Bidco') announced that they had reached an agreement on the terms of a recommended acquisition pursuant to which Bidco intends to acquire the entire issued and to be issued share capital of Panmure Gordon (the 'Acquisition'). The Acquisition is being implemented by means of a scheme of arrangement under Part 26 of the Companies Act to be sanctioned by the Court (the 'Scheme') and a scheme circular was published by Panmure Gordon on 12 April 2017 (the 'Scheme Document').

Capitalised terms in this Announcement, unless otherwise defined, have the same meaning as set out in the Scheme Document and all references to times in this Announcement are to London time unless otherwise stated.

Shareholders are now provided with the following update in respect of the satisfaction/waiver of the Conditions to the Scheme and the expected timing for the Scheme becoming Effective.

An application to the FCA for its approval of the change in controller which would take place as a result of the Acquisition becoming effective has been submitted by Bidco. However, the period during which the FCA is entitled to complete its review does not conclude until 15 August 2017. The FCA has not yet completed its review and, therefore, the timetable will be extended from the indicative timetable set out in the Scheme Document. Bidco will continue to work with the FCA with a view to the review being completed in advance of 15 August 2017, however there can be no assurance that the review will be completed by an earlier date.

The Scheme Court Hearing to sanction the Scheme, which according to the indicative timetable contained in the Scheme Document was due to take place on 16 June 2017, will be postponed until a later date following completion of the FCA review process, but prior to the Long Stop Date of 31 August 2017. Panmure Gordon will give notice in due course of the proposed date for the Scheme Court Hearing and the Effective Date of the Scheme (and related dates) by issuing an announcement through a Regulatory Information Service and via its website at http://www.panmure.com/.

Enquiries:

Ellsworthy Limited
Matthew Hansen
Michael Katounas
+44 (0)20 3551 7850

Hopton Advisers LLP (Financial Adviser to Bidco)
Colin La Fontaine Jackson
+44 (0)20 7036 1633

Teneo Blue Rubicon (PR Adviser to Bidco)
Anthony Silverman
+44 (0)20 7420 3149

Panmure Gordon & Co. plc
Andrew Adcock, Chairman
Patric Johnson, Chief Executive
+44 (0)20 7886 2500

Grant Thornton UK LLP (Financial Adviser and Rule 3 Adviser to Panmure Gordon)

Philip Secrett

Salmaan Khawaja

Jamie Barklem

Harrison Clarke
+44 (0)20 7383 5100

Buchanan Communications Limited (Financial PR adviser to Panmure Gordon)

Bobby Morse

Stephanie Watson
+44 (0)20 7466 5000

Definitions

Save where otherwise defined herein or where the context otherwise requires, terms defined in the Scheme Document bear the same meanings when used in this announcement (the 'Announcement').

Disclaimers

Grant Thornton UK LLP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Panmure Gordon and the Independent Panmure Gordon Directors and no one else in connection with the Acquisition and will not be responsible to anyone other than Panmure Gordon and the Independent Panmure Gordon Directors for providing the protections afforded to clients of Grant Thornton, or for providing advice in relation to the Acquisition, the contents of this Announcement or any other matter referred to herein.

Hopton Advisers LLP, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for Bidco and no one else in connection with the Acquisition and will not be responsible to anyone other than Bidco for providing the protections afforded to clients of Hopton Advisers, or for providing advice in relation to the Acquisition, the contents of this Announcement or any other matter referred to herein.

Further information

This Announcement is for information purposes only and is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise. The Acquisition is being made solely by means of the Scheme Document which contains the full terms and Conditions of the Acquisition. Any response to the Acquisition should be made only on the basis of information contained in the Scheme Document. Panmure Gordon Shareholders are advised to read the formal documentation in relation to the Acquisition carefully.

This Announcement has been prepared for the purposes of complying with English law, the AIM Rules and the Code and the information disclosed may not be the same as that which would have been disclosed if this Announcement had been prepared in accordance with the laws and regulations of any jurisdiction outside the United Kingdom.

The statements contained in this Announcement are made as at the date of this Announcement, unless some other time is specified in relation to them, and publication of this Announcement shall not give rise to any implication that there has been no change in the facts set out in this Announcement since such date.

Overseas jurisdictions

The release, publication or distribution of this Announcement in jurisdictions other than the United Kingdom and the ability of Panmure Gordon Shareholders who are not resident in the United Kingdom to participate in the Acquisition may be affected by the laws of such relevant jurisdictions. Therefore, any persons who are subject to the laws of any jurisdiction other than the United Kingdom or Panmure Gordon Shareholders who are not resident in the United Kingdom will need to inform themselves about, and observe, any applicable legal or regulatory requirements. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. Further details in relation to Overseas Shareholders are contained in the Scheme Document.

Unless otherwise determined by Bidco or required by the Code, the Acquisition is not being, and will not be, made available, directly or indirectly, in or into or by the use of the mails of, or by any other means or instrumentality of interstate or foreign commerce of, or any facility of a national state or other securities exchange of, any Restricted Jurisdiction. Accordingly, copies of this Announcement and all documents relating to the Acquisition are not being, and must not be, directly or indirectly, mailed, transmitted or otherwise forwarded, distributed or sent in, into or from any Restricted Jurisdiction and persons receiving this Announcement (including, without limitation, agents, nominees, custodians and trustees) must not distribute, send or mail it in, into or from such jurisdiction. Any person (including, without limitation, any agent, nominee, custodian or trustee) who has a contractual or legal obligation, or may otherwise intend, to forward this Announcement and/or the Scheme Document and/or any other related document to a jurisdiction outside the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdiction.

The availability of the Acquisition to Panmure Gordon Shareholders who are not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are resident. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable requirements.

The Acquisition is subject to the applicable requirements of the Code, the Panel and the London Stock Exchange.

Publication on websites and availability of hard copies.

A copy of this Announcement and the Scheme Document will be available free of charge and subject to certain restrictions relating to persons resident in Restricted Jurisdictions on Bidco's and Panmure Gordon's websites at www.newsandinformation.co.uk and http://www.panmure.com/investor-relations/ respectively, by no later than 12 noon (London time) on the Business Day following the date of this Announcement. For the avoidance of doubt, the contents of those websites are not incorporated into, and do not form part of, this Announcement.

A hard copy of this Announcement will be sent to Panmure Gordon Shareholders (other than Panmure Gordon Shareholders who have elected to receive electronic communications) in the near future. Panmure Gordon Shareholders may request a hard copy of this Announcement by contacting Anne-Marie Palmer, Company Secretary, during business hours on +44 (0)20 7886 2500 or by submitting a request in writing to Anne-Marie Palmer, Company Secretary, at Panmure Gordon & Co. plc, 1 New Change, London, EC4M 9AF. Panmure Gordon Shareholders may also request that all future documents, announcements and information in relation to the Acquisition should be sent to them in hard copy form.

Information relating to Panmure Gordon Shareholders

Addresses, electronic addresses and certain other information provided by Panmure Gordon's Shareholders, persons with information rights and other relevant persons for the receipt of communications from Panmure Gordon may be provided to Bidco during the Offer Period as required under Section 4 of Appendix 4 to the Code.

Disclosure requirements of the Takeover Code

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m. (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Capitalised terms under this heading are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to make a disclosure under Rule 8, you should consult the Panel.