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Gate Ventures PLC (GATE)

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Wednesday 29 April, 2015

Gate Ventures PLC

Appointment of Consultant and Cautionary Statement

RNS Number : 7626L
Gate Ventures PLC
29 April 2015
 

Press Release

29 April 2015

 

Gate Ventures Plc

 

("Gate Ventures" or the "Company")

 

Appointment of Consultant and Cautionary Statement

 

Appointment of Consultant

Gate Ventures Plc (AIM: GATE), an Investing Company formed to make investments and capitalise on investment opportunities in the media and entertainment sector with a focus on theatre production and the music industry and businesses using technologies such as online social media, the internet and disruptive software development, announces that, following a recent visit to South East Asia, the Board has appointed Dr. Johnny Hon (known as Hon Sei Hoe, Johnny in Asia) (through Global Group Capital Management Limited) as a consultant.  Dr. Hon's role is to provide advice and assistance to Gate Ventures, in relation to China and any other territory notified in writing to Dr. Hon by the Board. The agreement as a consultant is for a fixed term of two years (for which he will be paid a monthly retainer of £4,000 (excluding VAT)) and can be terminated, at any time, by the Company on three months' notice.

 

As at the date of this announcement Dr Hon does not hold any Ordinary Shares of 1p each in the issued share capital of Gate Ventures ("Ordinary Shares").

 

Cautionary Statement

According to management accounts the current cash position of Gate Ventures is approximately £2,819,500 at the date of this announcement. In addition, the only investment Gate has entered into is an option agreement to make an investment in a theatre production of up to £300,000 as announced on 27 March 2015 for which the Company has paid the option fee of £35,000. To date, the Company is yet to make an investment in China.

 

The market capitalisation of the Company as at close of business on 28 April 2015 was approximately £64.9 million and is therefore not necessarily reflective of the Company's position or prospects.

 

Persons wishing to undertake transactions in the Ordinary Shares should therefore exercise caution and as appropriate consult a person authorised under the Financial Services and Markets Act 2000 (as amended), who specialise in advising on the acquisition of shares and other securities. 

 

 

- Ends -

 

For further information:

Gate Ventures Plc

Tel: +44 (0) 20 7887 6347

Brooke Greville, Chief Executive Officer

www.gateplc.com

 

Beaumont Cornish Limited

(Nominated Adviser & Joint Broker)

 

Tel: +44 (0) 20 7628 3396

Roland Cornish / Emily Staples

www.b-cornish.co.uk



Cornhill Capital Limited

(Joint Broker)

 

Tel: +44 (0) 20 7710 9612

Nick Bealer

www.cornhillcapital.com



Media enquiries:

Abchurch Communications Limited


Henry Harrison-Topham / Canace Wong

Tel: +44 (0) 20 7398 7702

[email protected]

www.abchurch-group.com

 

Note to editors:

 

Background information on relationship between Dr Hon, the Company and certain Gate Venture Shareholders as they were on admission of the Company to trading on AIM

 

Dr Hon has a long standing professional relationship with Geoff Morrow, Executive Chairman of Gate Ventures.  Historically Geoff Morrow and Dr Hon have been on the board of a number of companies at the same time including Oriental City Group Plc, Global Education Group Plc and are currently significant shareholders in companies such as XINEX Corporation Plc and Lottalot Limited.

 

Dr. Hon met Mr Jun Zhu, a proposed Director of Gate Ventures (whose appointment remains subject, inter alia, to formal board approval and compliance with the AIM Rules), in 2004. Dr Hon and Mr Zhu served as members for the Chinese People's Political Consultative Conference for the City of Yunfu (Guangdong Province, China) from 2012 to present. Dr Hon currently acts as a family adviser to Mr Zhu and when, in 2013, Mr Zhu informed Dr Hon that he wished to invest in the UK, one of the introductions made by Dr Hon in 2014 was to Geoff Morrow. Dr Hon and Mr Zhu do not hold any shared directorships. Mr Zhu held no Ordinary Shares on admission of Gate Ventures to trading on AIM.

 

Dr. Hon introduced five of the investors who subscribed for 2,835,000 Ordinary Shares each on the admission of Gate Ventures to trading on AIM, to Geoff Morrow over a period of in excess of 15 years, being the beneficial owners of Lotus Capital Ventures Limited, Last Capital Investment Limited, Helvetan Investments Limited, Blue Dream Vantage Investments Limited and Black and White Investments Ltd (beneficially owned by Keith Bennett). For the avoidance of doubt Dr Hon has not received any commissions from Gate Ventures as a result of these introductions.

 

Sources:

The information set out above has been sourced from Dr Hon at the request of the board of Gate Ventures Plc.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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