Gate Ventures PLC
Audited Report and Accounts Release
ISIN Number: GB00BYX2WP92
TICKER: GATE
Press Release
Wednesday, October 17, 2018
Gate Ventures PLC
("Gate Ventures" or "Gate" or the "Company")
Audited Report and Accounts Release
The Board of Gate Ventures PLC (»The Company«) is pleased to announce its audited 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 audited 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, however, in line with the Directors’ expectations. The Company is still expecting payment of a subscription of GBP2,500,000 from a third-party investor due upon completion of the regulatory filings required to be made by the investor, and the Company has received a 12-month extension for repayment of GBP2,500,000 in operating loans originally due in April, 2019.
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 financial statements have been prepared on a going concern basis. Whereas the Group's consolidated net assets were positive at 30 June 2018, as a result of the issue of new shares during the period, the early stage nature of the Group's activities mean that the underlying business is still loss making. In order to achieve its business plan the Group will need to finance its capital expenditure and working capital requirements from its existing resources, from future revenues generated by the Group as its operation continue to grow, specifically Gate Reality, and from external sources of finance as required. Accordingly, the Group is planning to raise further funds within the next 12 months.
After making due enquiries, the Directors have a reasonable expectation that the Group has adequate resources, supplemented by the additional funds to be raised, to continue as a going concern for the foreseeable future and that the carrying values of assets are not impaired. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.
The Directors are not proposing the payment of a dividend.
-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 persons 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
