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Work Group

  • BY: Andrew Hore |
  • POSTED: 12/07/2017 |

Aim shell Work Group has launched an all share offer for lawyer Gordon Dadds and is raising £20m from a placing at 140p a share.

The placing price is set after a proposed 32-for-one share consolidation. The pre-consolidation placing price is 4.375p, even though the shares have been suspended at 3p. Work is offering 1.1258 consolidated shares for each share in Gordon Dadds. That would value the acquisition at £18.8m, based on the placing price.

The strategy is to become a consolidator in the legal market. Gordon Dadds has businesses operating under its own name the Prolegal brand, which is used to acquire smaller law firms. The group has developed a back office platform at a cost of £3.2m and it has used this to integrate ten firms since 2013. Prolegal has also acquired a law firm in Wandsworth.

In the year to March 2017, Gordon Dadds made an underlying pre-tax profit of £2m on revenues of £25m.

The enlarged group will change its name to Gordon Dadds Group. Managing director Adrian Biles will become chief executive of the group and he will own 26.6% of the enlarged share capital.

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