May 2009 Lovells' Dubai corporate team has advised Qatar's largest investment bank QInvest QInvest on the £23 million conditional purchase of 44% of stockbroker Panmure Gordon's share capital. The strategic investment will give the broker the financial strength and relationships to grow into new business areas in the Gulf region. The deal resulted following a competitive auction. Panmure was due to approve the sale to private equity firm BlueGem Capital but was forced to reconsider when new approaches were made. Lovells advised QInvest QInvest on the successful auction process which resulted in a purchase price of 34 pence per share for its stake in 67.5 million shares. The subscription is conditional on a number of matters including regulatory clearances and a waiver from the Takeover Panel from the requirement to make a full bid. Panmure Gordon is a leading stockbroker in the UK and investment bank in the US. QInvest QInvest 's investment will leverage the company's platform in the Middle East. The Lovells team was led from Dubai by Joint Local Managing Partner Nick Parden and included Michael Bloch and Kathryn Smith in Dubai, as well as Jessica McMichael, Louise Crook, Dominic Hill and Tim Laurence in London, and Chris Winckler in New York Nick Parden ed: "We are delighted to advise on this major deal for a very significant client in the Middle East, which demonstrates the strength of our Dubai team in handling corporate transactions in major financial markets and once again the strength of our network. The competitive auction for a controlling stake in a UK plc by way of subscription for new shares, overseen by the Takeover Panel is, to our knowledge, unprecedented." - Ends - About Lovells With over 3,000 people operating from 27 offices in Asia, Europe and the United States, Lovells is one of the world's leading international law firms. We advise many of the world's largest corporations, financial institutions and governmental organisations. We regularly act on complex, multi jurisdictional transactions as well as some of the most high profile commercial disputes. Lovells (the "firm") is an international legal practice comprising Lovells LLP and its affiliated businesses. Lovells LLP is a limited liability partnership registered in England and Wales with registered number OC323639. Registered office and principal place of business: Atlantic House, Holborn Viaduct, London EC1A 2FG. The word "partner" is used to refer to a member of Lovells LLP, or an employee or consultant with equivalent standing and qualifications, and to a partner, member, employee or consultant in any of its affiliated businesses who has equivalent standing. www.lovells.com. For further information please contact: Zishaan Mehra, Business Development Adviser Tel: +971 (0) 4 304 5542 Email: zishaan.mehra@lovells.com © Press Release 2009 omar 1.1:zy