Sale of Shares and Director/PDMR Shareholding

RNS Number : 3708N

Gateley (Holdings) PLC

25 October 2016

 

For immediate release

25 October 2016

Gateley (Holdings) Plc

('Gateley' or the 'Company')

Sale of Ordinary Shares by former Partners of Gateley LLP

and Director Dealings

Gateley (Holdings) Plc (AIM:GTLY), a leading national full-service commercial law firm, announces that certain of the former partners of Gateley LLP have sold an aggregate 5,761,971 ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") to both new and existing shareholders, placed by the Company's broker, Cantor Fitzgerald Europe.

Highlights

·     5,761,971 aggregate Ordinary Shares sold by former partners of Gateley LLP ("Sale Shares"), representing 5.4 per cent. of current issued share capital

·     Transaction price of £1.11 per Sale Share ("Sale Price")

·     Strong demand from new institutional shareholders

·     Strong internal demand from new and existing employees

·     Free float increased from 30.0 per cent. to 34.3 per cent.

Details of the Sale

On the Company's admission to AIM ("Admission"), the former partners of Gateley LLP held 73,684,222 Ordinary Shares in aggregate, representing 70.0 per cent. of the enlarged share capital at that time.  These former partners voluntarily entered into five year lock-in agreements with the Company which permitted them to dispose up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.

The 5,761,971 Sale Shares represent approximately 5.4 per cent. of the current total issued share capital of the Company with new institutional investors purchasing 5,150,000 of Sale Shares and 611,971 being purchased by new and existing employees.

The Sale Price of £1.11 represents a discount of approximately 1.77 per cent. to the closing price per Ordinary Share on 21 October 2016.

Nigel Payne, Chairman of Gateley, commented:

"I'm delighted to welcome new institutional shareholders on to the register and am equally pleased with internal demand from employees recognising the evolution and significant opportunities available to the business."

Director Dealings

In accordance with the orderly market arrangements, Michael Ward (Chief Executive of the Company) and Peter Davies (Chief Operating Officer of the Company) together with their connected persons sold 328,900 and 300,000 Ordinary Shares respectively, whilst Neil Smith (Finance Director of the Company) together with his connected persons purchased 25,298 Ordinary Shares.  Their resultant interests in the Company are:

	Number of Ordinary Shares	% of total issued share capital
Michael Ward	2,960,104	2.77%
Peter Davies	2,989,004	2.80%
Neil Smith	500,000	0.47%

Further details of Director Dealings are provided below.

PDMR Dealings

The Company announces that it has received the following notification of dealings in Ordinary Shares from Michael Ward, Peter Davies, Neil Smith (as set out above) as well as from Brendan McGeever, Paul Hayward, Roderick Waldie, Callum Nuttall, Katie Chester, George Parker-Fuller, being PDMRs of Gateley. The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Michael Ward
2	Reason for notification
a.	Position/Status	Executive Director - CEO
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	328,900
d.	Aggregated information - Aggregated Volume - Price	328,900 £365,079
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Peter Davies
2	Reason for notification
a.	Position/Status	Executive Director - Chief Operating Officer
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	300,000
d.	Aggregated information - Aggregated Volume - Price	300,000 £333,000
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Neil Smith
2	Reason for notification
a.	Position/Status	Executive Director - Finance Director
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Purchase of Ordinary Shares sold by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	25,298
d.	Aggregated information - Aggregated Volume - Price	25,298 £28,081
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Brendan McGeever
2	Reason for notification
a.	Position/Status	Executive Director of Gateley Plc
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	320,000
d.	Aggregated information - Aggregated Volume - Price	320,000 £355,200
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Paul Hayward
2	Reason for notification
a.	Position/Status	Executive Director of Gateley Plc
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	328,000
d.	Aggregated information - Aggregated Volume - Price	328,000 £364,080
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Roderick Waldie
2	Reason for notification
a.	Position/Status	Executive Director of Gateley Plc
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	197,340
d.	Aggregated information - Aggregated Volume - Price	197,340 £219,047
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Callum Nuttall
2	Reason for notification
a.	Position/Status	Executive Director of Gateley Plc
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	289,907
d.	Aggregated information - Aggregated Volume - Price	289,907 £321,797
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Katie Chester
2	Reason for notification
a.	Position/Status	Member of the Operations Board
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	20,286
d.	Aggregated information - Aggregated Volume - Price	20,286 £22,521
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	George Parker-Fuller
2	Reason for notification
a.	Position/Status	Member of the Operations Board
b.	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a.	Name	Gateley (Holdings) PLC
b.	LEI	N/A
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a.	Description of the financial instrument, type of instrument Identification Code	Ordinary Shares of  10 pence each ISIN: GB00BXB07J71
b.	Nature of the transaction	Sale of Ordinary Shares by former partners pursuant to five year orderly market lock-in agreements with the Company permitting the disposal of up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.
c.	Price(s) and volume(s)
			Price(s)	Volume(s)
			£1.11	21,097
d.	Aggregated information - Aggregated Volume - Price	21,097 £23,418
e.	Date of the transaction	24 October 2016
f.	Place of the transaction	London Stock Exchange

- Ends -

Enquiries:
Gateley (Holdings) Plc Neil Smith, Finance Director	Tel: [phone]
Nick Smith, Acquisitions Director and Head of Investor Relations	Tel: [phone]
Matt Taylor, Interim Head of Communications	Tel: [phone]
Cantor Fitzgerald Europe - Nominated Adviser and Broker	Tel: [phone]
David Foreman / Marc Milmo / Michael Reynolds (Corporate Finance)
Mark Westcott / Caspar Shand Kydd (Sales)
IFC Advisory - Financial PR Adviser	Tel: [phone]
Tim Metcalfe / Graham Herring / Heather Armstrong / Miles Nolan

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. 

 

END

 

 

DSHFEISWIFMSESS