Last checked at 25 Oct 2016 08:09
For immediate release | 25 October 2016 |
Gateley (Holdings) Plc
('Gateley' or the 'Company')
Sale of Ordinary Shares by former Partners of Gateley LLP
and Director Dealings
Gateley (Holdings) Plc (AIM:GTLY), a leading national full-service commercial law firm, announces that certain of the former partners of Gateley LLP have sold an aggregate 5,761,971 ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") to both new and existing shareholders, placed by the Company's broker, Cantor Fitzgerald Europe.
Highlights
· 5,761,971 aggregate Ordinary Shares sold by former partners of Gateley LLP ("Sale Shares"), representing 5.4 per cent. of current issued share capital
· Transaction price of £1.11 per Sale Share ("Sale Price")
· Strong demand from new institutional shareholders
· Strong internal demand from new and existing employees
· Free float increased from 30.0 per cent. to 34.3 per cent.
Details of the Sale
On the Company's admission to AIM ("Admission"), the former partners of Gateley LLP held 73,684,222 Ordinary Shares in aggregate, representing 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 5,761,971 Sale Shares represent approximately 5.4 per cent. of the current total issued share capital of the Company with new institutional investors purchasing 5,150,000 of Sale Shares and 611,971 being purchased by new and existing employees.
The Sale Price of £1.11 represents a discount of approximately 1.77 per cent. to the closing price per Ordinary Share on 21 October 2016.
Nigel Payne, Chairman of Gateley, commented:
"I'm delighted to welcome new institutional shareholders on to the register and am equally pleased with internal demand from employees recognising the evolution and significant opportunities available to the business."
Director Dealings
In accordance with the orderly market arrangements, Michael Ward (Chief Executive of the Company) and Peter Davies (Chief Operating Officer of the Company) together with their connected persons sold 328,900 and 300,000 Ordinary Shares respectively, whilst Neil Smith (Finance Director of the Company) together with his connected persons purchased 25,298 Ordinary Shares. Their resultant interests in the Company are:
Number of Ordinary Shares | % of total issued share capital | |
Michael Ward | 2,960,104 | 2.77% |
Peter Davies | 2,989,004 | 2.80% |
Neil Smith | 500,000 | 0.47% |
Further details of Director Dealings are provided below.
PDMR Dealings
The Company announces that it has received the following notification of dealings in Ordinary Shares from Michael Ward, Peter Davies, Neil Smith (as set out above) as well as from Brendan McGeever, Paul Hayward, Roderick Waldie, Callum Nuttall, Katie Chester, George Parker-Fuller, being PDMRs of Gateley. The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Michael Ward | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director - CEO | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 328,900 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
328,900
£365,079 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Peter Davies | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director - Chief Operating Officer | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 300,000
| |||||||
d. | Aggregated information - Aggregated Volume
- Price |
300,000
£333,000 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Neil Smith | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director - Finance Director | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Purchase of Ordinary Shares sold by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 25,298 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
25,298
£28,081 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Brendan McGeever | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director of Gateley Plc | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 320,000 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
320,000
£355,200 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Paul Hayward | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director of Gateley Plc | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 328,000 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
328,000
£364,080 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Roderick Waldie | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director of Gateley Plc | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 197,340 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
197,340
£219,047 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Callum Nuttall | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Executive Director of Gateley Plc | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 289,907 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
289,907
£321,797 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | Katie Chester | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Member of the Operations Board | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 20,286 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
20,286
£22,521 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a. | Name | George Parker-Fuller | ||||||
2 | Reason for notification |
| ||||||
a. | Position/Status | Member of the Operations Board | ||||||
b. | Initial notification/ Amendment | Initial Notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a. | Name | Gateley (Holdings) PLC | ||||||
b. | LEI | N/A | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a. | Description of the financial instrument, type of instrumentIdentification Code | Ordinary Shares of 10 pence each
ISIN: GB00BXB07J71 | ||||||
b. | Nature of the transaction | Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
| ||||||
c. | Price(s) and volume(s) | |||||||
Price(s) | Volume(s) | |||||||
£1.11
| 21,097 | |||||||
d. | Aggregated information - Aggregated Volume
- Price |
21,097
£23,418 | ||||||
e. | Date of the transaction | 24 October 2016 | ||||||
f. | Place of the transaction | London Stock Exchange | ||||||
- Ends -
Enquiries: | |
Gateley (Holdings) Plc Neil Smith, Finance Director |
Tel: +44 (0) 121 234 0196 |
Nick Smith, Acquisitions Director and Head of Investor Relations | Tel: +44 (0) 20 7653 1665 |
Matt Taylor, Interim Head of Communications | Tel: +44 (0) 121 212 7852 |
Cantor Fitzgerald Europe - Nominated Adviser and Broker | Tel: +44 (0) 20 7894 7000 |
David Foreman / Marc Milmo / Michael Reynolds (Corporate Finance) | |
Mark Westcott / Caspar Shand Kydd (Sales) | |
IFC Advisory - Financial PR Adviser | Tel: +44 (0) 20 3053 8671 |
Tim Metcalfe / Graham Herring / Heather Armstrong / Miles Nolan |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain.