The businesses of Durlacher and Panmure Gordon, a division of Lazard, combined to form an independent UK corporate stockbroking business. The transaction was effected by the acquisition for shares of Panmure Gordon by Durlacher and constituted a reverse takeover of Durlacher. As part of the transaction, Durlacher will de-list from the Official List and the enlarged group will be admitted to AIM under the name of Panmure Gordon & Co. plc.

Canaccord Genuity acted as financial advisor and sponsor to Durlacher and nominated advisor to Panmure Gordon & Co. plc in respect of its admission to AIM.