1 August
2024
GATELEY (HOLDINGS) PLC
("Gateley" or the
"Company")
Issue of
Equity in relation to Gateley RJA
and
Total
Voting Rights
Gateley (Holdings) Plc (AIM: GTLY),
the professional services group, announces that pursuant to the
terms of the acquisition of RJA Consultants, now Gateley RJA
("RJA"), which completed in July 2023, earn out consideration of
£0.8 million is to be paid to the vendors on 5 August 2024,
satisfied 50% in ordinary shares in Gateley and 50% in
cash.
The first tranche earn-out hurdle of
£4m was achieved through the delivery of £4.95m of revenue over the
12 months to 31 March 2024. This represents a 23.7% over
achievement above the year one hurdle. RJA has also achieved
a corporatised EBITDA margin of 25% during this period, in excess
of management's expectations.
The earn-out consideration comprises
£0.4 million in cash and £0.4 million in shares, based upon a
20-day average share price up to 22 July 2024 of £1.34.
Accordingly, 299,438 ordinary shares of 10p each in Gateley
("Ordinary Shares") are being issued and application has been made
to the London Stock Exchange plc for these shares to be admitted to
trading on AIM ("Admission"). Admission is expected to occur
at 8.00 a.m. on 5 August 2024.
Rod
Waldie, Gateley Chief Executive Officer, said:
"I am delighted that RJA's strong revenue and
profit growth, since joining Gateley, has resulted in the
achievement of the first of two potential earn-out payments.
RJA is an excellent addition to the increasingly broad range of
legal and consultancy services on our Property Platform. The
team is highly regarded in the affordable housing sector, which we
anticipate will continue to benefit from the new Government's
housing policy. In addition, RJA's specialism in major loss
property claims enhances our existing expertise at Gateley Smithers
Purslow and Gateley Vinden, both of which are growing revenue from
the UK property insurance sector."
Total Voting Rights
Following Admission, Gateley's total
issued share capital will comprise 133,519,395 Ordinary Shares in
issue with one voting right per share.
The above figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
Enquiries:
Gateley
(Holdings) Plc
|
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Neil Smith, Chief Financial Officer
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Tel: +44 (0) 121
234 0196
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Nick Smith, Acquisitions Director and Head of
Investor Relations
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Tel: +44 (0) 20
7653 1665
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Cara Zachariou, Communications
Director
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Tel: +44 (0) 121
234 0074 Mob: +44 (0) 7703 684 946
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|
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Panmure
Liberum - Nominated Adviser and Broker
Richard Lindley//Nikhil Varghese
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Tel: +44 (0) 20 3100
2000
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Belvedere
Communications Limited - Financial PR
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Cat Valentine
(cvalentine@belvederepr.com)
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Mob: +44 (0)
7715 769 078
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Keeley Clarke
(kclarke@belvederepr.com)
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Mob: +44 (0)
7967 816 525
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Llew Angus (langus@belvederepr.com)
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Mob: +44 (0)
7407 023 147
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gateleypr@belvederepr.com
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