Update on Financial Position
Gate Ventures PLC
Update Announcement regarding financial position
ISIN Number: GB00BYX2WP92
TICKER: GATE
Gate Ventures PLC
Press Release
August 23, 2019
Gate Ventures PLC
("Gate Ventures" or "Gate" or the "Company")
Update on Financial Position
Gate Ventures PLC, a global media and entertainment operating company, provides an update on its financial position.
Further to the announcement on February 28, 2019, the Board has continued to explore options regarding its financial position including, potential investment in the Company by new investors, and the strategic realisation of parts of its investment portfolio which as at December 31 stood at GBP5.5 million net of all liabilities.
The Company has outstanding loan of GBP2.5m payable in mid-2020, however, the loan holder has asked for early repayment of this loan and has initiated proceedings in the courts to recover this loan. The Company will be defending its position vigorously at the court hearing which is scheduled for September 24, 2019.
Pending this hearing, an agreed investment of new funds into the Company will be put into escrow, and the Company is advised by its legal counsel that it should not enter into a planned transaction to dispose of a part of its investment portfolio.
The Company’s success at the hearing of September 24 will lift these restrictions; however, should the court grant the loan holder’s application, then the Company will be put into administration by the Court.
As matters develop, the Board will keep the market informed appropriately.
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Further Enquiries:
Gate Ventures PLC (The Company): // +44 (0) 20 3150 2477
Keswick Global AG (Certified Adviser): // 5
Rossen & Company ApS (Financial PR): //
About Gate Ventures PLC:
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. Governed 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. (15%) Fagara in Mara, 2018 (10%), Theory of Ambitions,2018 (2.5%), Bink (4%), Ensygnia (7%), Infinity Creative Media (16%) and Gate Reality (100%).
As of 2019, the executive 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) and Mr. Richard James Carter (CFO, ACMA, CGMA).
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