Gates Industrial falls on pricing of secondary offering

Gates Industrial

18/05/2023 15:10

** Shares of Gates Industrial Corporation Plc  GTES.N  down
1.6% at $11.86, hitting an over 5-month low
    ** Co prices secondary offering of 22.5 mln shares at
$11.75/share
    ** GTES will not receive any proceeds from sale of ordinary
shares in the offering by certain selling stockholders
affiliated with Blackstone
    ** Offering is expected to close on May 23, 2023
    ** Currently, co has 285.03 mln shares outstanding -
Refinitiv
    ** YTD, stock up ~6% 

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com))