REG - Gateley (Holdings) - Issue of Equity and Total Voting Rights

Gateley (Holdings)Announcement

31/10/2023 07:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231031:nRSe8359Ra&default-theme=true

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 £6.15
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 £4.5 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 £3.79 million due in cash and £2.36 million in shares,
based upon a 20-day average share price up to 24 October 2023 of £1.42.
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 Head of Investor Relations  Tel: +44 (0) 20 7653 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 2000

 Richard Lindley/Ben Cryer

 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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  IOEKZMFGKMRGFZG