Former law firm partners in £10m share sale
Senior staff at Gateley have sold £10m of shares in the law firm to institutional shareholders and other Gateley employees.
Chief executive Mike Ward, chief operating officer Peter Davies and directors Brendan McGeever and Paul Hayward each sold shares worth £493,000.
Other significant sales saw Callum Nuttall raise £435,000, Roderick Waldie £296,000, and Nick Smith £211,000.
The Birmingham-based firm floated on the Alternative Investment Market in June 2015, selling 30% to raise £30m from the listing.
Former partners have five year lock-in agreements which allow them to sell up to 10% of their shares in any 12 month period after the first anniversary of the float.
The latest tranche of shares sold represented 6.21% of the total, increasing the free float of the company to more than 40%.
The shares floated at 95p, and after a flat first year have climbed significantly, closing on Friday at 162.5p – up 35% in 12 months.
The average share sale price was 150p, with institutional investors buying 95% of the shares sold in these transactions.
