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Panmure Gordon acquisition scheme takes effect

Panmure Gordon & Co. Plc said July 18 that the scheme of arrangement for its acquisition by Atlas Merchant and QInvest took effect the same day.

Ellsworthy Ltd., a company owned and controlled by QInvest and by a wholly owned subsidiary of a fund managed by New York-based Atlas Merchant, will control 100% of Panmure Gordon as a result of the scheme's implementation. Panmure Gordon shareholders will receive either 100 pence per share in cash or shares in Ellsworthy at a ratio of 0.518411 Ellsworthy share for each Panmure Gordon share.

Consideration will be paid by Aug. 1.