TIDMGTLY
RNS Number : 8458X
Gateley (Holdings) PLC
10 January 2022
10 January 2022
Gateley (Holdings) Plc
("Gateley" or the "Group")
(AIM:GTLY)
Acquisition of Adamson Jones Holdings Limited
Gateley, the legal and professional services group , is pleased
to announce the acquisition of Adamson Jones Holdings Limited
("Adamson Jones") for a total consideration of GBP2.5 million (the
"Acquisition"). Adamson Jones provides intellectual property (IP)
services encompassing patent, design and trade mark protection
advice in the UK, Europe and around the world.
Adamson Jones is the eleventh business Gateley has acquired
since its IPO in June 2015 and is the Group's first Business
Services Platform acquisition.
Business Services is one of Gateley's four Platforms, the others
being Corporate, People, and Property. These are market-facing
structures on which the Group clusters complementary legal, and
consultancy services. The Business Services Platform supports
clients in dealing with their commercial agreements, managing risk,
protecting assets, and resolving disputes. It also includes the
Group's multi-jurisdictional forensics and business intelligence
services, through Gateley Omega. Adamson Jones complements the
Group's existing legal services in IP and technology, brand and
reputation management, media, and privacy.
Background to Adamson Jones
Adamson Jones was founded in 2000 and is a firm of Patent and
Trade Mark Attorneys with a broad range of technical expertise
including biotechnology, engineering, pharmaceuticals and software.
The business acts for clients from large multinational and national
organisations, to universities and SMEs.
The Adamson Jones team has 25 staff headed by Directors Simon
Cooper and Nicholas Ferrar and the business has offices in
Nottingham, Leicester and London. Both Directors will continue to
work as part of the management team post acquisition.
In the year ending 31 March 2021, Adamson Jones generated
revenue of c. GBP3.6 million.
Acquisition rationale
This is the first acquisition Gateley has made on to its
Business Services Platform. The Acquisition sets a solid foundation
for the development of complementary business services with an IP
and brands focus, working alongside the existing team within
Gateley Legal, and enabling the business to widen its scope in an
area where it already has a well-established and continually
growing client base.
Adamson Jones is well known to Gateley Legal's IP team in the
East Midlands. The teams are currently working together on a number
of ongoing projects and have collaborated on a range of mutual
client assignments in recent years.
Terms of the Acquisition
Under the terms of the Acquisition agreement, Gateley will pay
consideration of GBP2.5 million (the "Consideration"). The
Consideration, which will be paid in full on completion, will be
satisfied as to 50% in cash and as to 50% by the allotment and
issue of ordinary shares of GBP0.10 each of the Group
("Consideration Shares").
The cash consideration is being funded out of the Group's
existing resources. The Board expects the Acquisition to generate
operational synergies and be immediately earnings enhancing.
Issue of the Consideration Shares
Further to the Acquisition, 543,668 Consideration Shares are to
be issued. Application will be made to the London Stock Exchange
for the 543,668 Consideration Shares to be admitted to trading on
AIM ("Admission"). It is expected that Admission will take place at
8.00am on 13 January.
The Consideration Shares will rank pari passu in all respects
with the existing ordinary shares of GBP0.10 each of Gateley
("Ordinary Shares"), including the right to receive all dividends
declared, made or paid after completion.
Following Admission, Gateley's total issued share capital will
comprise 119,276,639 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.
Commenting on the Acquisition, Rod Waldie, Chief Executive
Officer of Gateley, said:
"I am delighted to welcome Adamson Jones to the Group as our
first acquisition on to our Business Services Platform. Gateley
Legal already has an existing and strong relationship with Adamson
Jones with whom we have worked previously to support clients on
their patent and trade mark applications and protection
requirements. We see great growth opportunities in our combined
offering, with a focus on assisting our clients in protecting and
commercialising their IP assets being a key element of the ongoing
development of our Business Services Platform.
"This is a strategic acquisition directly aligned to our
Platform strategy. The successful completion of the Acquisition
means that the Group has now acquired consultancy businesses,
complementary to its legal services, on all four Platforms. This
strategy continues to differentiate Gateley, to widen our breadth
of services and enhance our appeal to both existing and potential
clients. We are actively appraising opportunities to further grow
each Platform both organically and by acquisition."
Enquiries:
Gateley (Holdings) Plc
Neil Smith, Finance Director Tel: +44 (0) 121 234
0196
Nick Smith, Acquisitions Director and Tel: +44 (0) 20 7653
Head of Investor Relations 1665
Cara Zachariou, Head of Corporate Communications Tel: +44 (0) 121 234
0074 Mob: +44 (0) 7703
684 946
Liberum - Nominated Adviser and Broker
Richard Lindley/Ben Cryer/Cara Murphy Tel: +44 (0) 20 3100
2000
Belvedere Communications Limited - Financial
PR
Cat Valentine Mob: +44 (0) 7715 769
078
Keeley Clarke Mob: +44 (0) 7967 816
525
Llew Angus Mob: +44 (0) 7407 023
147
gateleypr@belvederepr.com
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