Gateley (Holdings) PLC Issue of Equity and Total Voting Rights (8359R)
31 Oktober 2023 - 8:00AM
UK Regulatory
TIDMGTLY
RNS Number : 8359R
Gateley (Holdings) PLC
31 October 2023
31 October 2023
GATELEY (HOLDINGS) PLC
("Gateley" or the "Company")
Issue of Equity Regarding Gateley Smithers Purslow
Acquisition and Total Voting Rights
Gateley (Holdings) Plc (AIM:GTLY), the professional services
group, announces that pursuant to the terms of the acquisition of
Gateley Smithers Purslow ("GSP"), announced on 20 April 2022, total
earn out consideration of GBP6.15 million has been paid to the
vendors, satisfied 38% in ordinary shares in Gateley and 62% in
cash.
GSP is a rapidly growing multi-disciplinary chartered surveying
practice, specialising in property insurance claims advisory
services to insurers, policy holders and their advisers. GSP has
integrated well into Gateley's increasingly diverse Property
Platform. Since acquisition, the total staff number in GSP has
grown from 130 to 163 in order to meet strong demand for
services.
The earn out consideration has been achieved as a result of GSP
realising not less than GBP4.5 million of EBITDA over the 24 months
to 30 September 2023. The business has made a strong start under
Gateley ownership resulting in earn out consideration of GBP3.79
million due in cash and GBP2.36 million in shares, based upon a
20-day average share price up to 24 October 2023 of GBP1.42.
Accordingly, 1,661,790 ordinary shares of 10p each in Gateley
("Ordinary Shares") have been issued and application has been made
to the London Stock Exchange plc for these shares to be admitted to
trading on AIM ("Admission"). Admission is expected to occur at
8.00 a.m. on 2 November 2023.
Rod Waldie, Gateley Chief Executive Officer, said:
"The GSP team is performing strongly and has further enhanced
the range of services on our expansive Property Platform. As a
highly regarded market leader in property insurance claims
advisory, we see significant future opportunity to develop broader
and deeper relationships with both existing and new clients in the
insurance sector.
"I am delighted that GSP's strong growth in both revenue and
profit has resulted in the team achieving their earn-out
consideration expectations."
Total Voting Rights
Following Admission, Gateley's total issued share capital will
comprise 131,640,131 Ordinary Shares in issue with one voting right
per share.
The above figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Enquiries:
Gateley (Holdings) Plc
Neil Smith, Chief Financial Officer Tel: +44 (0) 121 234
0196
Nick Smith, Acquisitions Director and Tel: +44 (0) 20 7653
Head of Investor Relations 1665
Cara Zachariou, Communications Director Tel: +44 (0) 121 234
0074 Mob: +44 (0) 7703
684 946
Liberum - Nominated Adviser and Broker Tel: +44 (0) 20 3100
Richard Lindley/Ben Cryer 2000
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
Llew Angus (langus@belvederepr.com) Mob: +44 (0) 7407 023
147
gateleypr@belvederepr.com
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END
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