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Gate Ventures PLC (GATE)

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Wednesday 18 March, 2015

Gate Ventures PLC

Investor and proposed Board appointment

RNS Number : 8277H
Gate Ventures PLC
18 March 2015
 

Press Release

18 March 2015

 

Gate Ventures Plc

 

("Gate Ventures" or the "Company")

 

Investor and proposed Board appointment

 

Gate Ventures Plc (AIM: GATE), an Investing Company formed to make investments in the media and entertainment sector with a focus on businesses using technologies such as online social media, the internet and disruptive software development, is pleased to provide the following information on Mr Jun (Michael) Zhu, an investor in the Company and proposed Non-Executive Chairman of Gate Ventures.

 

On 13 March 2015, the Company announced that Mr Zhu had acquired, from Black and White Investments Limited, a total of 2,835,000 ordinary shares of 1p each in the issued share capital of the Company representing approximately 8.74 per cent. of the issued share capital of the Company. 

 

Mr Zhu is currently the Executive Chairman of GNet Group plc, an ecommerce business based in the People's Republic of China, which provides O2O ("Online to Offline and Offline to Online") services.  Mr Zhu is also Chairman of Sun Shine Holdings Group Inc., a position which he has held since 2000.  Sun Shine Holdings Group Inc. has a diversified business in the wholesale and retail trade, it also provides funds for investment projects, real estate development consulting services, business management consulting services and computer technology services.  Since graduating from Beijing Agricultural Industrial University with a bachelor's degree in 1985, Mr Zhu has held a number of senior positions with different Chinese corporations and also studied at Guangdong Academy of Social Science between 1988 and 1990.

 

The Board's understanding from Mr Zhu is that it is his intention to build a significant investment in the Company either through market purchases or a new subscription, if available.  The Board is also in preliminary discussions with Mr Zhu as to how his contacts within the media and entertainment industry and providers of finance in Asia could assist Gate Ventures to expedite its Investing Policy as set out in the Company's Admission Document dated 10 March 2015.

 

Subject to completion of due diligence and compliance with the AIM Rules, it is the intention of the Board to invite Mr Zhu to join the Board as Non-Executive Chairman, at which time, Geoff Morrow, the current Executive Chairman will become the Company's Executive Deputy Chairman.  Further announcements will be made to the market as and when appropriate.

 

Geoff Morrow, Executive Chairman of Gate Ventures, said:  "My fellow Directors and I are delighted to welcome Mr Zhu as an investor in Gate Ventures and we look forward to furthering our discussions with Mr Zhu how he might be able to assist the Board in expediting the Company's Investing Policy.  We look forward to making further updates in due course."

 

- Ends -

 

For further information:

Gate Ventures Plc

Tel: +44 (0) 20 7887 6347

Geoff Morrow, Executive Chairman

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 9610

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

 

Notes to Editors

Gate Ventures is an investing company formed to make investments in the media and entertainment sector, focussing on, but not limiting itself to, theatre production and the music industry.  The Company intends to focus on investment opportunities primarily in the UK and China, where the theatre and music sectors have experienced high growth in recent years, however other territories will also be considered as investment opportunities arise.

 

The Company has particular interest to invest in businesses using technology such as online social media, internet and disruptive software development to maximise returns to Shareholders and productivity.  The Company intends to be an involved and active investor.  Accordingly, where necessary, Gate Ventures may seek participation in the management of the board of directors of a company with a view to improve its performance.  Using the knowledge and network of the Directors, the Company intends to seek strategically to select and work closely with co-producers in theatre production in the UK and China, to maximise the potential global success of the Company's future investments, whilst minimising risk and exposure.

 

Gate Ventures joined AIM on 10 March 2015. For further information, please visit www.gateplc.com.

 


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