Payment of Gateley Hamer Earn Out Consideration

RNS Number : 7812R

Gateley (Holdings) PLC

19 June 2018

 

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.

Gateley (Holdings) Plc

('Gateley' or the 'Group')

Payment of Earn Out Consideration for Gateley Hamer

Gateley (Holdings) Plc (AIM:GTLY), the national commercial law and complementary professional services group, is pleased to announce, in accordance with the acquisition agreement of Gateley Hamer (formerly Hamer Associates Limited), that a total earn out consideration of £470,317 has been paid.  The earn out consideration is split equally between cash and shares.  Accordingly, 138,329 ordinary shares of 10p each in Gateley ("Ordinary Shares") have been issued and application has been made to London Stock Exchange plc for these shares to be admitted to trading on AIM ("Admission").  Admission is expected at 8.00 a.m. on 22 June 2018.

Michael Ward, CEO of Gateley, said:

"We are pleased with the contribution made by Gateley Hamer.  Increased cross-selling of services between traditional Gateley and Hamer clients and expansion of the specialist team, including establishing a new presence in our London office, positions Gateley Hamer well to generate increased revenue and profit in the current financial year."

Total Voting Rights

The new Ordinary Shares being issued will rank pari passu with the existing Ordinary Shares in issue. Following Admission, Gateley's total issued share capital will comprise 108,184,558 Ordinary Shares. This number may be used by shareholders in Gateley as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of Gateley under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:
Gateley (Holdings) Plc Neil Smith, Finance Director	Tel: [phone]
Nick Smith, Acquisitions Director and Head of Investor Relations	Tel: [phone]
Cara Zachariou, Head of Communications	Tel: [phone] or [phone]
Cantor Fitzgerald Europe - Nominated adviser and broker
David Foreman, Marc Milmo, Michael Boot (Corporate Finance)	Tel: [phone]
Caspar Shand Kydd, Alex Pollen (Sales)
Arden Partners - Broker
John Llewellyn-Lloyd, Benjamin Cryer (Corporate Finance)	Tel: [phone]
James Reed-Daunter (Corporate Broking)
IFC Advisory - Financial PR Adviser
Tim Metcalfe, Miles Nolan	Tel: [phone]

 

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