Gateley Holdings Plc (LON:GTLY), the national commercial law and complementary professional services group has today announced a further sale by internal shareholders (being former partners of Gateley LLP) of an aggregate 6,641,333 ordinary shares of 10 pence each in the capital of the Company (“Ordinary Shares”) at a price of £1.50 per share. The Ordinary Shares have been sold to both new and existing institutional shareholders and also to Gateley employees. Shares were successfully placed by the Company’s joint brokers, Cantor Fitzgerald Europe and Arden Partners.
Highlights
· 6,641,333 aggregate Ordinary Shares sold by former partners of Gateley LLP (“Sale Shares”), representing 6.21 per cent. of current issued share capital
· Transaction price of £1.50 per Sale Share (“Sale Price”)
· Strong demand from new institutional shareholders
· Strong internal demand from new and existing employees
· Free float increased from 34.0 per cent. to 40.3 per cent.
Details of the Sale
On the Company’s admission to AIM (“Admission”), the former partners of Gateley LLP held 70.0 per cent. of the enlarged share capital at that time. These former partners voluntarily entered into five year lock-in agreements with the Company which permitted them to dispose up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
The 6,641,333 Ordinary Shares represent approximately 6.21 per cent. of the current total issued share capital of the Company with institutional investors purchasing 6,333,334 Ordinary Shares and 307,999 being purchased by Gateley employees.
Director and PDMR Dealings
Michael Ward (Chief Executive) and Peter Davies (Chief Operating Officer) together with their connected persons sold 328,900 Ordinary Shares each, whilst Neil Smith (Finance Director) together with his connected persons purchased 20,000 Ordinary Shares. In addition, Suki Thompson (Non-Executive Director) purchased 10,000 Ordinary Shares. Their resultant interests in the Company are:
| Number of Ordinary Shares | % of total issued share capital | |
| Michael Ward | 2,631,204 | 2.46% |
| Peter Davies | 2,660,104 | 2.49% |
| Neil Smith | 520,000 | 0.49% |
| Suki Thompson | 10,000 | 0.01% |
