Gate Ventures PLC Update on Annual Results ISIN Number: GB00BYX2WP92 TICKER: GATE Press Release Friday September 29 2017
Gate Ventures PLC ("Gate Ventures" or "Gate" or the "Company")
Annual results for the financial period from July 1 2016 to June 30 2017
The Board of Gate Ventures PLC (»The Company«) is pleased to announce its annual report for The Company's fiscal year 2016/2017, dated July 1 2016 to June 30 2017 (»The Period«). The report is attached to this release.
»The Board of Gate Ventures is pleased to publish the Company's annual report for the financial period from 1 July 2016 to 30 June 2017. The Company has increased both investments and intake of new capital in The Period and will continue to expand its investment portfolio following its successful listing on NASDAQ First North in Copenhagen and recent fundraises«, says Chairman Dr. Johnny Hon.
As of the end of The Period, The Company holds capital investments in media entities Reach4Entertainment (24.07% holding), PlayJam (25.67% holding), Bink (4.12% holding) and Gate Reality (100% holding), and The Board remain very supportive and confident of their investments, which have all performed satisfactorily during The Period.
Furthermore, The Board is delighted that investments in musical productions 42nd Street, Sunset Boulevard and A Legendary Romance have proven successful as all productions have opened to critical acclaim and have performed satisfactorily during The Period.
As the Company is still in the early phase of a longer-term strategy, it continues to generate losses, which is in line with the Directors' expectations. Financially, The Company saw a loss of GBP5,087,133 after taxation in The Period (2016: 2,488,920), with the earnings per share (basic and diluted) showing a loss of 1.2 pence. The carrying value of The Company's investments on the balance sheet, however, has increased to GBP10,231,628 (2016: 6,540,705).
A total of GBP9.36M has been raised in The Period from investors, which will allow The Company to maintain and continue making its strategic investments.
The Company's directors have determined that the principal risks and uncertainties have not changed since the prior annual report, while the financials are on budget for The Period and projections for the new fiscal year 2017/2018 remain unchanged.
Lastly, The Board is delighted to announce that following the appointment of Sarah Ferguson, Duchess of York, to the Board as Executive Director, The Duchess will assist The Company with the branding and marketing of specific products, mainly in the United States and China, in the new fiscal year 2017/2018.
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Further Enquiries:
Gate Ventures PLC (The Company): assistance@gateplc.com // +44 (0) 20 3150 2477
Keswick Global AG (Certified Adviser): info@keswickglobal.com // +43 1 740 408045
Rossen & Company ApS (Financial PR): nic@rossen.com // +45 2072 9972
Notes to Editors:
Gate Ventures was founded in 2015 to make investments and capitalise on investment opportunities in the media and entertainment sectors. The Company focuses primarily on investments and operational opportunities in the UK and China covering theatre, television, media technology and e-commerce.
The Company's investments include various theatre productions such as the successful Sunset Boulevard and 42nd Street (which is currently showing in London), virtual reality ("VR"), and technology companies Bink and PlayJam amongst many others. Gate Ventures has made a total of ten investments since it was established, and to date, has successfully raised over EUR24 million reflecting the Company's significant growth thus far.
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