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 Richard Lindley/Ben Cryer | Tel: +44 (0) 20 3100 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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