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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gateley (holdings) Plc | LSE:GTLY | London | Ordinary Share | GB00BXB07J71 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 120.50 | 120.00 | 121.00 | 120.50 | 120.50 | 120.50 | 932 | 07:30:09 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Legal Services | 162.73M | 12.24M | 0.0930 | 12.96 | 158.63M |
TIDMGTLY
Gateley (Holdings) PLC
02 March 2020
RNS REACH
2 March 2020
GATELEY (HOLDINGS) PLC
("Gateley" or the "Group")
AIM: GTLY
Acquisition of Paul Tweed LLP, Issue of Equity and Total Voting Rights
Gateley (Holdings) Plc (AIM:GTLY), the legal and professional services group, is pleased to announce the acquisition of Paul Tweed LLP (Tweed), a reputation management and media law specialist with offices in Belfast and a presence in Dublin and London, for a consideration of GBP2.0m (the "Acquisition").
The Acquisition expands Gateley's legal offering in media law, reputation management, privacy, commercial litigation and brand protection and presents cross-selling opportunities into Tweed's existing and future client base. In addition, the Acquisition strengthens Gateley's position in the Irish professional services market providing a platform in Northern Ireland and the Republic of Ireland from which it can offer broader legal services and allowing for growth and expansion in Belfast, where the Group's tax and capital allowances specialists, Gateley Capitus are based, as well as a number of Construction lawyers.
Background to Tweed
Tweed is a legal business, established in 2017 specialising in reputation management, privacy and data protection issues, commercial litigation and brand protection. The team is led by Paul Tweed, who has over 30 years' experience and is acknowledged globally as an expert in his field. The firm offers a specialist, multi-jurisdictional approach for corporates, governments and individuals.
Tweed provides solutions to cyber harassment, misuse of private information and privacy breaches. The team is highly skilled in dealing with both online and offline reputation management (pre and post publication) to protect individuals, corporates, governments and brands. It also has extensive experience of complex and high value commercial litigation.
Acquisition rationale
The acquisition of Tweed is consistent with Gateley's growth strategy to acquire legal and professional services businesses which offer complementary specialist services, across Gateley's five business groups, and, in addition, where geographical location plays an important role.
The Acquisition provides Gateley with a platform for growth in Northern Ireland and the Republic of Ireland, adding weight to its national legal team and enabling the Group to attract talent from a wider pool at both graduate and qualified levels. Tweed's expertise strengthens Gateley's Commercial Dispute Resolution and Litigation teams, who also advise corporates and individuals on a wide range of commercial and private disputes across the UK.
Terms of the Acquisition
Under the terms of the Acquisition, Gateley will acquire Tweed for a consideration of GBP2.0m settled 50 percent. in cash and 50 percent. by the issuance of 529,520 ordinary shares of 10 pence each in the capital of Gateley ("Ordinary Shares") at a price of GBP1.8885 per Ordinary Share.
Issue of new Ordinary Shares
As part of the consideration, 529,520 Ordinary Shares are to be issued. Application will be made to the London Stock Exchange for the 529,520 new Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place at 8.00 a.m. on Friday 6 March, 2020.
The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission, Gateley's total issued share capital will comprise 116,006,530 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.
Michael Ward, Gateley Chief Executive Officer, said:
"I am delighted to welcome Tweed to Gateley. We have considered expanding into the Irish market for some time and Tweed strengthens our presence in the Irish professional services market. We see this move as a springboard for developing a strong legal services offering in Ireland as well as supporting our growth plans for Gateley Capitus, which was our first transaction as a plc in 2016 and is already well established in Belfast. The acquisition is highly complementary and we have already identified a number of opportunities for our national teams, particularly in Commercial Disputes Resolution and Litigation."
Enquiries:
Gateley (Holdings) Plc Neil Smith, Finance Director Tel: +44 (0) 121 234 0196 Nick Smith, Acquisitions Director and Head Tel +44 (0) 20 7653 1665 of Investor Relations Cara Zachariou, Head of Corporate Communications Tel +44 (0) 121 234 0074 Mob: +44 (0) 7703 684 946 finnCap - Nominated adviser and broker Tel +44 (0) 20 7220 0575 Matt Goode / James Thompson (Corporate Finance) Andrew Burdis (ECM) N+1 Singer - Joint broker Tel +44 (0) 20 7496 3000 Peter Steel (Corporate Finance) Rachel Hayes (Corporate Broking) Belvedere Communications Limited - Financial PR Cat Valentine Mob: +44 (0) 7715 769 078 Keeley Clarke Mob: +44 (0) 7967 816 525 Llew Angus 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 or visit www.rns.com.
END
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(END) Dow Jones Newswires
March 02, 2020 02:00 ET (07:00 GMT)
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