Gateley directors and staff in £6m share sale

Shares in Gateley (GTLY) fell by around a tenth on the news that certain directors and employees would sell up to 4m shares at no less than 150p, representing approximately 3.6 per cent of its issued share capital and a 12.5 per cent discount to the prior day’s closing price of 171.5p. The placing was ultimately oversubscribed, raising £6m for the respective sellers. It was undertaken to “satisfy market demand and broaden the institutional investor base”.