Business Services

Gateley Holdings plc

Year

2019


Transaction type Equity Capital Markets & Corporate Broking

Sector Business Services

finnCap have advised Gateley (AIM: GTLY), the law led professional services group, on their £6m placing.

Michael Ward, CEO of Gateley said:

“As a result of strong institutional investor demand following our recent results, our employees have today placed 4,000,000 shares with both existing shareholders and a significant number of new shareholders. Our newly broadened share register provides a strong and supportive base from which we can continue to grow our business and we welcome new holders onto our register and thank our existing investors for their continued support.

“In order to satisfy this strong demand, certain of the Directors and employees have, through the Placing, reduced their shareholdings, thereby increasing the Company’s free float and spread of institutional investors.

The Placing is consistent with our orderly approach to broadening of the share register since IPO and we fully intend to maintain the same level of discipline and control going forward.

The Board is also reviewing the Company’s existing employee share incentivisation arrangements with a view to simplifying the current schemes, and will update the market in due course.

The Group is on track to deliver full year earnings in line with market forecasts, which were raised following the positive Trading Update announced on 23 November 2018, with revenues of not less than £102m and EBITDA margins in H2 19 not less than those achieved previously.”