DENVER, March 24, 2022 /PRNewswire/ — Gates Industrial Corporation plc (NYSE: GTES, “Gates” or the “Company”) today announced the price of the previously announced secondary offering of 5,000,000 shares of common stock by certain affiliated selling shareholders to Blackstone Inc. The selling shareholders also granted the underwriter a 30-day option to purchase up to 750,000 additional common shares. The Underwriter may offer the Shares from time to time for sale in one or more transactions on the New York Stock Exchange, over-the-counter market, through negotiated transactions or otherwise at the prices of the prevailing market at the time of the sale, at prices related to those prevailing market prices or at negotiated prices. The offer is expected to close on March 30, 2022subject to customary closing conditions.
Gates is not offering any Common Shares under the Offer and will not receive any proceeds from the sale of Common Shares under this Offer. Citigroup is acting as underwriter of the offering.
The offering of these securities is made pursuant to an effective shelf registration statement. The offering will be made only by means of a prospectus. A copy of the prospectus relating to these securities may be obtained, when available, from: Citigroup, Attn: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).
In addition, as previously announced, Gates entered into a share repurchase agreement with Citigroup Global Markets Inc. to repurchase 8,000,000 shares of common stock at a price per share equal to the price paid by the underwriter under the Offer and advised Citigroup Global Markets Inc. to purchase such shares from the Selling Shareholders in a transaction at a price per share equal to the price paid by the underwriter under the Offer. Gates intends to fund the share buyback with cash and borrowings under its revolving credit agreement. The repurchase of shares is expected to be completed soon after the offer and is conditional upon the closing of the offer. The closing of the offer is not conditional on the completion of the share buyback. The share repurchase has been approved by the Audit Committee of the Gates Board of Directors in accordance with Gates’ Related Party Transactions Policy and is consistent with and will count towards the company’s existing share repurchase program. society. The timing and method of any future redemptions will depend on a variety of factors.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. prior to registration or qualification. under the securities laws of such state or territory.
About Gates:
Gates is a global manufacturer of innovative and highly engineered hydraulic power and power transmission solutions. Gates offers a broad portfolio of products to various replacement channel customers and original equipment manufacturers (“OEs”) as specified components. Gates is present in many sectors of the industrial and consumer markets. Our products play a vital role in a wide range of applications in a wide variety of end markets ranging from harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, pressure washers, automatic doors and vacuum cleaners. and virtually all modes of transportation. Our products are sold in more than 130 countries in our four business regions: the Americas; Europe, Middle East & Africa; Greater China; and East Asia & India.
Cheeky–Statements and information for research:
This press release contains forward-looking statements, which involve risks and uncertainties. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by using words such as “outlook”, “believe”, “expect”, “potential”, “continue”, “may”, “will”, “should”. , “could”, “seek”, “predict”, “intend”, “trend”, “plan”, “estimate”, “anticipate”, or the negative version of these or other comparable words. Forward-looking statements are based on the Company’s current expectations and actual results may differ materially. Additional risks and uncertainties are further described in the section entitled “Element 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended January 1, 2022, as filed with the Securities and Exchange Commission (the “SEC”), as these factors may be updated from time to time in the Company’s periodic filings with the SEC. Investors are urged to carefully review the disclosure in our filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Gates undertakes no obligation to update or supplement any forward-looking statements as a result of new information, future events or otherwise, except as required by law.
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SOURCEGates Industrial Corporation plc
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