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LONDON (Alliance News) - Gateley (Holdings) PLC saw its shares rise in early dealings Monday as the commercial law firm listed on London's AIM market.
Gateley, which was established in the 19th Century, and has over 380 fee earners across six offices in England and an office in Dubai, has listed after the law was changed in England and Wales to allow non-lawyers to own and invest in law firms.
It raised GBP30 million by placing 31.6 million shares at 95 pence each, giving it an initial market capitalisation of GBP100 million. However, its shares were trading at 99 pence Monday morning, having traded as high as 115 pence in initial dealings.
The company raised GBP5 million and its selling shareholders raised GBP25 million in the placing.
It thinks the listing will give it more opportunity to expand organically and through acquisitions, enhance its general visibility, give its staff a share participation scheme, and facilitate a more flexible career structure.
It reported adjusted pretax profit of GBP7.4 million in the year to end-April 2014, up from GBP5.1 million a year earlier, as revenue rose to GBP54.6 million, from GBP51.4 million. It reported an adjusted pretax profit of GBP2.6 million in the six months to end-October 2014, up from GBP1.0 million a year earlier, as revenue grew to GBP26.7 million from GBP23.1 million.
It intends to pay out up to 70% of adjusted pretax profit as a dividend each year.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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