DENVER, Dec. 8, 2023
/PRNewswire/ -- Gates Industrial Corporation plc (NYSE: GTES,
"Gates" or the "Company") announced today the pricing of the
previously announced secondary offering of 15,000,000 ordinary
shares (the "Offering") by certain selling stockholders affiliated
with Blackstone Inc. (the "Selling Stockholders"). The Selling
Stockholders have also granted the underwriters a 30-day option to
purchase up to 2,250,000 additional ordinary shares. The
underwriters may offer the shares from time to time for sale in one
or more transactions on the New York Stock Exchange, in the
over-the-counter market, through negotiated transactions or
otherwise at market prices prevailing at the time of sale, at
prices related to such prevailing market prices or at negotiated
prices. The Offering is expected to close on December 13, 2023, subject to customary closing
conditions.
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. UBS
Investment Bank, BMO Capital Markets, BofA Securities and Mizuho
are also serving as joint book-running managers for the
Offering.
The offering of these securities is being 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,
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 over 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 31,
2022, as filed with the Securities and Exchange Commission
("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