Gate Ventures PLC
Update on Fundraising and Interim Results
ISIN Number: GB00BYX2WP92
TICKER: GATE
Gate Ventures PLC
Press Release
February 28, 2019
Gate Ventures PLC
(»Gate Ventures« or »Gate« or »The Company«)
Update on Fundraising and Interim Results for the financial period from July 1, 2018 to December 31, 2018
The Board of Gate Ventures PLC (»The Board«) announces its interim results for the first half of The Company’s fiscal year 2018/2019 dated July 1, 2018 to December 31, 2018 (»The Period«).
»The Board is pleased to publish The Company’s interim report for the financial period from July 1, 2018 to December 31, 2018. During the period, the Company raised an additional USD2million in new capital which was used to pay down operating loans raised during The Period as well as allowing Gate to continue to meet its working capital needs. The Company’s operating expenses are in line with budget for the period and the decrease in administration costs from GBP3million to GBP1.5million is due to the active ongoing efforts by management to reduce overheads to allow for greater investment in to projects«, says Gate Venture’s Chairman Lord Michael Grade.
Notably, the two movie projects the Company invested in at the beginning of 2018, Fagara in Mara and Theory of Ambitions, had a positive impact on revenue as both films are slated for release this year and therefore interest income for the period has been recognised in revenue. This helped mitigate declining ticket sales revenue during the final few months of 42nd Street.
The Boards strategy to acquire and package films for financing by distributors and large film conglomerates saw cost of sales increase for the period due to the Company being required to outlay some initial costs for the films it owns the rights to in order to get these packaged and ready for sale to investors. Gate has a strong pipeline of theatre and movie projects as it looks to expand its investments in this sector. However, this is dependent on the Company ability to raise funds in order to invest in the projects planned for 2019.
Of Gate’s other investments, Bink continues to expand with new operations in the United States and South Africa, Ensygnia was selected by Insight Success as one of The 30 Most Innovative Companies to Watch 2018 and both Infinity Creative Media and Rise Art continued to perform in line with expectations. Although there was no revaluation of these investments during the current period, Gate believes that they are well placed for growth in 2019.
Further to the announcement of February 18, 2019, the Board is continuing discussions in relation to a potential financing for the Company. Whilst there are no guarantees that this financing will be completed, the Board will continue to pursue these discussions, whilst considering its other options, and will keep the market informed as these discussions progress.
-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. Governed by senior invest- ment 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%), PlayJam (25%), Infinity Creative Media (16%), 42nd Street (100%), Sunset Boulevard (100%) and Gate Reality (100%).
As of 2018, 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), Mr. Richard James Carter (CFO, ACMA, CGMA) and Mrs. Anita Luu (COO).
-END-
Attachment
