Senior Gateley partners make almost half a million each in £10m share sale

Gateley lawyers have sold almost £10m worth of shares in the AIM-listed firm, with five senior partners including CEO Michael Ward (pictured) and COO Peter Davies recouping close to £500,000 each.

According to a London Stock exchange filing, shareholders in the firm have sold 6,641,333 shares at a price of £1.50, equating to a total value of £9.96m.

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<img class="alignnone size-full wp-image-58137" src="http://www.almcms.com/contrib

/uploads/sites/378/2016/12/Michael-Ward-Article-201612060830.jpg" alt="" width="616" height="372" /> Gateley lawyers have sold��almost ��10m worth of shares in the AIM-listed firm, with five senior partners��including CEO��Michael Ward (pictured) and��COO Peter Davies recouping close to ��500,000 each. According to a��<a href="http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/GTLY/13381621.html">London Stock exchange filing</a>, shareholders in the firm have sold 6,641,333��shares at a price of ��1.50,��equating to a total value of ��9.96m. Both Ward and Davies sold 328,900 shares in the firm, earning them ��493,350. The same amount of shares were also sold by��London head Paul Hayward and City corporate restructuring partner Brendan McGeever. Other��partners to have sold a significant number of shares include Birmingham real estate partner Callum Nuttall (��434,860), Manchester managing partner Rod Waldie (��296,010) and London corporate partner Nick Smith (��210,960). National corporate head��Tom Durrant and group HR Director Victoria Garrad sold shares valued at ��94,971 and ��94,491 respectively, while two directors acquired shares �� finance director Neil Smith, who bought 20,000 shares for ��30,000, and recently appointed non-executive director Suki Thompson, who acquired 10,000 shares for ��15,000. According to the filing, the shares sold��represent 6.21% of the total issued shares in the firm, with institutional investors buying 6,333,334 and Gateley employees buying 307,999. The filing states that on Gateley��s <a href="http://www.legalweek.com/sites/legalweek/2015/05/12/gateley-files-intention-to-float-on-londons-aim-exchange/">admission to AIM in June 2015</a>, its former partners held 70% of the enlarged share capital of the firm. They agreed to enter into a five-year lock-in deal which allowed them to��dispose up to 10% of their shares in any 12-month period after the first anniversary of the admission. Last October,��<a href="http://www.legalweek.com/sites/legalweek/2016/10/25/gateley-partners-sell-shares-worth-6-4m-with-firms-leaders-earning-more-than-300000-each/">partners sold 5,761,971 shares at a price of ��1.11</a>, amounting to a total of ��6.4m. Ward has��now made the most money from share sales since the 2015 float, selling a combined ��858,429 worth of shares. Three other partners have sold more than ��800,000 worth of shares �� Hayward, McGeever and Davies, who have made ��857,430, ��848,550 and ��826,350 respectively. Nuttall has now sold ��756,657 of shares since the float, while Waldie��has made ��515,057. The 2015 float raised ��30m, with <a href="http://www.legalweek.com/sites/legalweek/2015/06/08/gateley-shares-open-10-up-on-asking-price-as-firm-raises-30m-in-first-ever-uk-ipo/">partners taking ��25m</a> and the firm keeping ��5m. Gateley��recently announced <a href="http://www.legalweek.com/sites/legalweek/2017/07/11/gateley-posts-double-digit-revenue-and-profit-increases-in-second-post-listing-results/">double-digit increases in revenue and profit to the London Stock Exchange</a>, in its second set of annual results since��the��landmark float, when it��became the first law firm to successfully list on the London Stock Exchange. <

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