5th Feb 2021 11:14
Gateley Holdings PLC - Birmingham-based legal and professional services group - Says board has approved payment of GBP300,000 deferred consideration based on Gateley Vinden's performance for the year ended August 31. Notes Gateley Vinden, formerly the Vinden Partnership Ltd, was acquired for an initial payment of GBP6.2 million, with 51% in cash and the other 49% paid by the issue of 1.6 million shares at a price of 187.2 pence, totalling GBP3.0 million in March 2020. The deferred consideration will be settled in Gateley shares at a price of 152p per share, with 197,368 new shares issued and allotted.
"The acquisition of Gateley Vinden was consistent with the group's growth strategy to acquire legal and professional services businesses which offer complementary specialist services, and it continues to enhance Gateley's market facing Banking and Property Platforms. Vinden has added to and expanded the range of the group's dispute management and resolution services. It has also added real estate and construction funding services which complement the work undertaken by the group's banking and real estate teams," says Chief Executive Rod Waldie.
Current stock price: 176.95 pence
Year-to-date change: up 21%
By Zoe Wickens; [email protected]
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