Gate Ventures PLC: Annual results for the financial period from July 1 2016 to June 30 2017
September 29 2017 - 11:01AM
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.
-END-
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.
-END-
Gate Results Release 290917,
final
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Gate Ventures Plc via Globenewswire
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