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Gate Ventures PLC (GATE)

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Friday 20 March, 2015

Gate Ventures PLC

Market Update

RNS Number : 0895I
Gate Ventures PLC
20 March 2015
 



Press Release

20 March 2015

 

Gate Ventures Plc

 

("Gate Ventures" or the "Company")

 

Market Update

 

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, would like to confirm to the market that on Admission it raised gross proceeds of £3.242 million (net proceeds of £3.042 million) by the issue of 32,420,000 ordinary shares of 1p each ("Ordinary Shares") at a price of 10p per share.  Following Admission warrants over 348,515 Ordinary Shares were exercised providing the Company with additional funds of £34,851.50.  All other things being equal, the Company therefore has cash resources of approximately £3.077 million.

 

The Company is currently an Investing Company (as defined by the AIM Rules for Companies) with an Investing Policy (as defined by the AIM Rules for Companies).  It has not yet made any investments.  The Company is however currently in advanced negotiations in relation to an option to take a minority, non-operating investment in a UK based theatre production ("Investment").  Completion of the Investment is subject to finalising terms.  The intended investment is a maximum of £300,000 with an initial investment of approximately £35,000 pending Board satisfaction on details of the production and in particular the form of box-office guarantee.  The Company will make any further announcements in line with its obligations under the AIM Rules in due course.  This is the only investment in which the Company is at advanced stages of negotiation.

 

The current market capitalisation of the Company, which as at 14.47 on 20 March 2015, stands at £55.76 million is therefore not necessarily reflective of the Company's position or prospects as noted above.

 

Further to the announcement of the TR1 disclosures made on 13 March 2015, the Company has not been informed of any further increases in the holding of Ordinary Shares by Mr Zhu under the Disclosure and Transparency Rules.

 

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 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

 

 


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