Business
Sale of Ordinary Shares and Director Dealings
Sale of Ordinary Shares and Director Dealings.
About this update from Gateley (holdings) Plc
[{"type":"text","content":"\n \nRNS Number : 3394S Gateley (Holdings) PLC 02 October 2017 \n\nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon publication of this announcement, this information is now considered to be in the public domain. \n \n\n\n\n\nFor immediate release \n\n\n2 October 2017\n\n\n\n\n \nGateley (Holdings) Plc\n \n('Gateley' or the 'Company')\n \nSale of Ordinary Shares, Increased Free Float and Director Dealings\n \nGateley (Holdings) Plc (AIM:GTLY), the national commercial law and complementary professional services group is pleased to announce a further sale by internal shareholders (being former partners of Gateley LLP) of an aggregate 6,641,333 ordinary shares of 10 pence each in the capital of the Company (\"Ordinary Shares\") at a price of £1.50 per share. The Ordinary Shares have been sold to both new and existing institutional shareholders and also to Gateley employees. Shares were successfully placed by the Company's joint brokers, Cantor Fitzgerald Europe and Arden Partners.\n \nHighlights\n· 6,641,333 aggregate Ordinary Shares sold by former partners of Gateley LLP (\"Sale Shares\"), representing 6.21 per cent. of current issued share capital \n· Transaction price of £1.50 per Sale Share (\"Sale Price\")\n· Strong demand from new institutional shareholders\n· Strong internal demand from new and existing employees\n· Free float increased from 34.0 per cent. to 40.3 per cent.\n \nDetails of the Sale\nOn the Company's admission to AIM (\"Admission\"), the former partners of Gateley LLP held 70.0 per cent. of the enlarged share capital at that time. These former partners voluntarily entered into five year lock-in agreements with the Company which permitted them to dispose up to 10 per cent. of their interest in Ordinary Shares in any 12 month period after the first anniversary of Admission.\n \nThe 6,641,333 Ordinary Shares represent approximately 6.21 per cent. of the current total issued share capital of the Company with institutional investors purchasing 6,333,334 Ordinary Shares and 307,999 being purchased by...