Gateley (GTLY) : Corp

Commitment evidenced to a stable platform

Key data

  • Share price (p) 162.5
  • Target price (p) 210.0
  • Market cap (£m) 179.1
  • Enterprise value (£m) 182.3

Gateley has entered into a new five-year orderly market agreement with its Partners. It will become effective in June 2020 following the expiry of the current lock-in that was put in place when the company was admitted to AiM in 2015. Each locked-in shareholder will be restricted to selling a maximum of 10% p.a. of shares they held on admission for a period of five years, continuing the lock-in entered into at admission. Of the 81 Partners who were subject to the current lock-in, 75 remain with the Group and of those, 70 (who between them hold 49.4% of the issued share capital) have entered into the new agreement. Gateley has proven to be very successful at attracting, retaining and promoting skilled legal professionals, and Partner recruitment since admission to AIM remains significantly ahead of pre-admission levels. This is key to growth prospects and the new lock-in provides evidence of the Partners’ commitment to the group.

Guy Hewett 020 7220 0549 ghewett@finncap.com

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