Business
Acquisition of Persona Associates Limited
Acquisition of Persona Associates Limited.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 1120H Gateley (Holdings) PLC 30 July 2019 \n\n30 July 2019\n \nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN\n \nGATELEY (HOLDINGS) PLC\n(\"Gateley\" or the \"group\")\nAIM: GTLY\n \nAcquisition of Persona Associates Limited\n \nGateley (Holdings) Plc (AIM: GTLY), the legal and professional services group, is pleased to announce the acquisition of Persona Associates Limited (\"Persona\").\n \nBackground to Persona\n \nPersona is one of the UK's longest-established and leading land referencing consultancies, advising on some of the UK's largest infrastructure and regeneration projects. Persona provides expertise on statutory processes relating to long-term infrastructure projects involving Compulsory Purchase Orders, Development Consent Orders and Transport and Works Act Orders. \n \nTerms of the acquisition\n \nUnder the terms of the acquisition, Gateley will acquire the entire issued share capital of Persona for a net cash-free debt-free normalised working capital consideration of £250,000, of which £153,728.80 will be satisfied on completion by the issuance of 94,312 ordinary shares of 10 pence each in the capital of Gateley (\"Ordinary Shares\") at a price of 163 pence per Ordinary Share.\n \nDeferred consideration will be payable on 1 May 2020 subject to certain conditions being satisfied relating to the on-going operation of the business. The deferred consideration will be settled as to 60% in cash and as to 40% in Ordinary Shares. \n \nThe Board expects the acquisition to be immediately earnings enhancing.\n \nAcquisition rationale\n \nPersona has worked with the group's property consultancy business, Gateley Hamer for a number of years. \n \nThe acquisition will enable Gateley Hamer to deliver additional value added land and property information via an end-to-end service for the country's largest infrastructure, regeneration and housing projects. The addition of the Persona team will also deliver efficiencies to the production of title reports for housebuilders and commercial developers and enable plans to be produced at an earlier stage in o...