Qatari bank reluctant to part with stake in Panmure Gordon
Panmure Gordon’s biggest shareholder is reluctant to part with its stake in the London-listed stockbroker, City PM understands.
QInvest, a Qatari investment bank, owns a 43.4 per cent stake in Panmure and is understood to have rejected approaches for its shares from WMG, a fund controlled by Cardiff City Football Club chairman Mehmet Dalman.
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WMG is plotting a takeover of Panmure, in which it has built up a nine per cent stake, the Sunday Times today reported.
But a well placed source told City PM WMG will find it hard to prise QInvest’s Panmure stake, with the Qatari bank having made it clear it is not for sale.
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In February this year, the Qatari bank agreed a £5m loan to Panmure, which was announced as chief executive Phillip Wale was replaced by his deputy, Patric Johnson.
Panmure, which is listed on the London Stock Exchange’s alternative investment market (Aim), has seen its share price plunge from more than 140p last October to 46p at the end of last week.
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Panmure Gordon, QInvest and WMG have not responded to request for comment.