Gate Ventures PLC
Preliminary Annual Results
ISIN Number: GB00BYX2WP92
TICKER: GATE
Press Release
Friday, September 28, 2018
Gate Ventures PLC
("Gate Ventures" or "Gate" or the "Company")
Unaudited Preliminary Consolidated Results for the period from July 1, 2017 to June 30, 2018
The Board of Gate Ventures PLC (»The Company«) is pleased to announce its unaudited annual results for The Company's fiscal year 2017/2018, dated July 1, 2017 to June 30, 2018 (»The Period«). The report is attached to this release.
»The Board of Gate Ventures is pleased to publish the Company's unaudited annual results for the financial period from July 1, 2017 to June 30, 2018. The Company has decreased investments yet increased intake of new capital in The Period, which will be used towards expanding the investment portfolio«, says Chairman Lord Michael Grade.
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 GBP9,828,061 after taxation in The Period (2017: GBP5,087,133), with the earnings per share (basic and diluted) showing a loss of 2.2 pence. The carrying value of The Company’s investments on the balance sheet has decreased to GBP7,559,249 (2017: GBP10,231,628).
A total of GBP6,385,000 in equity has been raised in The Period from investors and GBP2,500,000 in loans with The Board having signed a further subscription letter for a GBP2,500,000 investment due in November, which will allow The Company to maintain and continue making its strategic investments.
The Directors are not proposing the payment of a dividend.
The Company expects to publish its audited Report and Accounts on 14 October 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 PLC, a global media and entertainment operating company, was founded in 2015 to exercise active ownership of various production platforms within film, lifestyle and theatre. Managed by senior investment profiles and prominent personas within the British entertainment sector, the board has raised over €28 million worldwide to date.
Since 2017, Gate Ventures PLC has been listed with NASDAQ First North in Copenhagen. Positions include Rise Art Ltd. (14%) Fagara in Mara, 2018 (10%), Theory of Ambitions, 2019 (2.5%), Gate Reality (100%), Bink (4%), Ensygnia (7%), Infinity Creative Media (14.41%) and 42nd Street (53%).
The board of Gate Ventures PLC is comprised of Lord Michael Ian Grade, Baron of Yarmouth (Chairman, CBE), Sarah, Duchess of York (Executive Director), Mr. Geoffrey Stanton Morrow (CEO), Mr. Michael Sidney Linnit (CSO), Mr. Richard James Carter (CFO, ACMA, CGMA) and Mrs. Anita Luu (COO).
END-
Attachment
