DENVER, Aug. 15,
2024 /PRNewswire/ -- Gates Industrial Corporation plc
(NYSE: GTES, "Gates" or the "Company") announced today that certain
selling stockholders affiliated with Blackstone Inc. (the "Selling
Stockholders") have commenced a secondary offering of 20,000,000 of
Gates' ordinary shares (the "Offering"). In connection with the
Offering, the Selling Stockholders intend to grant to the
underwriters a 30-day option to purchase up to 3,000,000 additional
ordinary shares.
Gates is not offering any ordinary shares in the Offering and
will not receive any proceeds from the sale of ordinary shares in
the Offering. Citigroup, Goldman Sachs & Co. LLC, and Jefferies
are serving as the joint lead book-running managers of, and as
representatives of the underwriters for, the Offering.
In addition, Gates announced that, in connection with its
existing share repurchase program, it has entered into a share
repurchase contract with Citigroup Global Markets Inc. to
repurchase $125 million of ordinary
shares at a price per share equal to the price paid by the
underwriters in the Offering and has advised Citigroup Global
Markets Inc. to purchase such shares from the Selling Stockholders.
The share repurchase is expected to be consummated promptly
following the Offering and is conditioned upon the closing of the
Offering. The closing of the Offering is not conditioned upon the
consummation of the share repurchase.
One of our directors has indicated an interest in purchasing
ordinary shares in the Offering.
The Company has filed a registration statement (including a
prospectus) with the Securities and Exchange Commission (the "SEC")
for the Offering to which this communication relates. Before you
invest, you should read the prospectus in that registration
statement and other documents the Company has filed with the SEC
for more complete information about the Company and the Offering.
You may get these documents for free by visiting EDGAR on the SEC's
website at www.sec.gov. Alternatively, the Company, any underwriter
or any dealer participating in the Offering will arrange to send
you the prospectus if you request it by contacting Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue,
Edgewood, NY 11717 (Tel:
800-831-9146); Goldman Sachs & Co. LLC, Attn: Prospectus
Department, 200 West Street, New York,
NY 10282 (Tel: 866-471-2526) or by e-mail at
prospectus-ny@ny.email.gs.com; or Jefferies LLC, Attn: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022 (Tel: 877-821-7388) or by
email at prospectus_department@jefferies.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any 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 any such state or
jurisdiction.
About Gates:
Gates is a global manufacturer of innovative, highly engineered
power transmission and fluid power solutions. Gates offers a broad
portfolio of products to diverse replacement channel customers, and
to original equipment ("first-fit") manufacturers as specified
components. Gates participates in many sectors of the industrial
and consumer markets. Our products play essential roles in a
diverse range of applications across a wide variety of end markets
ranging from harsh and hazardous industries to everyday consumer
applications including virtually every form of transportation. Our
products are sold in more than 130 countries across our four
commercial regions: the Americas; Europe, Middle
East & Africa;
Greater China; and East Asia & India.
Forward‐Looking Statements and
Information:
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 the use of words such
as "outlook," "believes," "expects," "potential," "continues,"
"may," "will," "should," "could," "seeks," "predicts," "intends,"
"trends," "plans," "estimates," "anticipates" or the negative
version of these words or other comparable words. Forward-looking
statements are based on the Company's current expectations and
actual results may differ materially. Other risks and uncertainties
are more fully described in the section entitled "Item 1A. Risk
Factors" of the Company's Annual Report on Form 10-K for the fiscal
year ended December 30, 2023, as
filed with the SEC, as such factors may be updated from time to
time in the Company's periodic filings with the SEC. Investors are
urged to consider carefully 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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SOURCE Gates Industrial Corporation plc