DENVER, March 24, 2022 /PRNewswire/ — Gates Industrial Company plc (NYSE: GTES, “Gates” or the “Firm”) introduced at present that sure promoting stockholders affiliated with Blackstone Inc. have commenced a secondary providing of 5,000,000 of Gates’ bizarre shares. In reference to the providing, the promoting stockholders intend to grant to the underwriter a 30-day choice to buy as much as 750,000 further bizarre shares.

Gates isn’t providing any bizarre shares within the providing and won’t obtain any proceeds from the sale of bizarre shares on this providing. Citigroup is serving because the underwriter for the providing.

The providing of those securities is being made pursuant to an efficient shelf registration assertion. The providing will likely be made solely by way of a prospectus. A duplicate of the prospectus relating to those securities could also be obtained, when accessible, from: Citigroup, Attn: Citigroup, c/o Broadridge Monetary Options, 1155 Lengthy Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146).

As well as, Gates introduced that it has entered right into a share repurchase contract with Citigroup World Markets Inc. to repurchase as much as 8,000,000 bizarre shares at a worth per share equal to the worth paid by the underwriter within the providing and has suggested Citigroup World Markets Inc. to buy such shares from the promoting stockholders in a transaction at a worth per share equal to the worth paid by the underwriter within the providing. Gates intends to fund the share repurchase with money readily available and borrowings below its revolving credit score settlement. The share repurchase is anticipated to be consummated promptly following the providing and is conditioned upon the closing of the providing. The closing of the providing isn’t conditioned upon the consummation of the share repurchase. The share repurchase has been accredited by the Audit Committee of Gates’ board of administrators in accordance with Gates’ coverage on transactions with associated individuals and is pursuant to, and can depend towards, the Firm’s present share repurchase program.  The timing and technique of any future repurchases will rely upon quite a lot of elements.

This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase, nor shall there be any sale of those securities in any state or jurisdiction by which such supply, solicitation, or sale could be illegal previous to registration or qualification below the securities legal guidelines of any such state or jurisdiction.

About Gates:
Gates is a world producer of progressive, extremely engineered energy transmission and fluid energy options.  Gates provides a broad portfolio of merchandise to various alternative channel clients, and to authentic gear (“first-fit”) producers as specified elements. Gates participates in lots of sectors of the commercial and client markets.  Our merchandise play important roles in a various vary of purposes throughout all kinds of finish markets starting from harsh and unsafe industries resembling agriculture, development, manufacturing and power, to on a regular basis client purposes resembling printers, energy washers, computerized doorways and vacuum cleaners and just about each type of transportation. Our merchandise are bought in over 130 nations throughout our 4 business areas: the Americas; Europe, Center East & Africa; Larger China; and East Asia & India.

AheadWanting Statements and Data:
This press launch accommodates forward-looking statements, which contain dangers and uncertainties. Ahead-looking statements embody all statements that aren’t historic info. In some circumstances you’ll be able to establish these forward-looking statements by means of phrases resembling “outlook,” “believes,” “expects,” “potential,” “continues,” “could,” “will,” “ought to,” “might,” “seeks,” “predicts,” “intends,” “developments,” “plans,” “estimates,” “anticipates” or the damaging model of those phrases or different comparable phrases. Ahead-looking statements are based mostly on the Firm’s present expectations and precise outcomes could differ materially. Different dangers and uncertainties are extra totally described within the part entitled “Merchandise 1A. Threat Elements” of the Firm’s Annual Report on Kind 10-Ok for the fiscal yr ended January 1, 2022, as filed with the Securities and Alternate Fee (the “SEC”), as such elements could also be up to date now and again within the Firm’s periodic filings with the SEC. Traders are urged to contemplate rigorously the disclosure in our filings with the SEC, that are accessible on the SEC’s web site at Gates undertakes no obligation to replace or complement any forward-looking statements because of new data, future occasions or in any other case, besides as required by regulation.

SOURCE Gates Industrial Company plc

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