Gateley (Holdings) PLC Earnout Consideration (0830O)
05 February 2021 - 6:00PM
UK Regulatory
TIDMGTLY
RNS Number : 0830O
Gateley (Holdings) PLC
05 February 2021
5 February 2021
GATELEY (HOLDINGS) PLC
("Gateley" or the "Group")
AIM: GTLY
Payment of earnout consideration to Gateley Vinden
Gateley (Holdings) Plc (AIM:GTLY), the legal and professional
services group, announces that pursuant to its acquisition of The
Vinden Partnership Limited (now Gateley Vinden) as announced on 6
March 2020, the Board has approved the payment of GBP0.3m deferred
consideration based on Gateley Vinden's performance for the year
ended 31 August 2020 (the "Deferred Consideration"). The Deferred
Consideration will be settled entirely in Ordinary Shares of 10p
each in the capital of the Company ("Ordinary Shares") at a price
of 152 pence per Ordinary Share (being a 10 day average closing
share price prior to the agreement date of the deferred
consideration calculation) and are subject to previously agreed
retention restrictions.
Issue of new Ordinary Shares
Pursuant to the Deferred Consideration, 197,368 new Ordinary
Shares have been issued and allotted. Application will be made to
the London Stock Exchange for the 197,368 new Ordinary Shares to be
admitted to trading on AIM ("Admission"). It is expected that
Admission will take place at 8.00 a.m. on 10 February 2021.
The new Ordinary Shares will rank pari passu with the existing
Ordinary Shares in issue. Following Admission, Gateley's total
issued share capital will comprise 117,829,792 Ordinary Shares.
This number may be used by shareholders in Gateley as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of Gateley under the FCA's
Disclosure Guidance and Transparency Rules.
Rod Waldie, CEO of Gateley, said:
"The acquisition of Gateley Vinden was consistent with the
Group's growth strategy to acquire legal and professional services
businesses which offer complementary specialist services, and it
continues to enhance Gateley's market facing Banking and Property
Platforms. Vinden has added to and expanded the range of the
Group's dispute management and resolution services. It has also
added real estate and construction funding services which
complement the work undertaken by the Group's banking and real
estate teams."
"Despite the initial effect of the pandemic on the construction
industry and the Vinden team having to switch to a home working
platform for the second six months of the earn-out period, the
Vinden team have demonstrated great resilience in generating
revenues of over GBP4.6m for the year to 31 August 2020".
Enquiries:
Gateley (Holdings) Plc
Neil Smith, Finance Director Tel: +44 (0) 121
234 0196
Nick Smith, Acquisitions Director and Head Tel: +44 (0) 20 7653
of Investor Relations 1665
Cara Zachariou, Head of Corporate Communications Tel: +44 (0) 121
234 0074
Mob: +44 (0) 7703
684 946
finnCap - Nominated adviser and broker Tel: +44 (0) 20 7220
0575
Matt Goode / James Thompson (Corporate Finance)
Andrew Burdis (ECM)
N+1 Singer - Joint broker Tel: +44 (0) 20 7496
3000
Peter Steel (Corporate Finance)
Rachel Hayes (Corporate Broking)
Belvedere Communications Limited - Financial
PR
Cat Valentine (cvalentine@belvederepr.com) Mob: +44 (0) 7715
769 078
Keeley Clarke (kclarke@belvederepr.com) Mob: +44 (0) 7967
816 525
gateleypr@belvederepr.com
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END
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