Gate Ventures PLC Appointment of Consultant and Cautionary Statement (7626L)
April 29 2015 - 12:30PM
UK Regulatory
TIDMGATE
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 GBP4,000 (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 GBP2,819,500 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 GBP300,000 as announced on 27 March 2015 for
which the Company has paid the option fee of GBP35,000. 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 GBP64.9 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 www.gateplc.com
Executive Officer
Beaumont Cornish Limited
(Nominated Adviser & Joint Tel: +44 (0) 20 7628
Broker) 3396
Roland Cornish / Emily www.b-cornish.co.uk
Staples
Cornhill Capital Limited
(Joint Broker) Tel: +44 (0) 20 7710
9612
Nick Bealer www.cornhillcapital.com
Media enquiries:
Abchurch Communications
Limited
Henry Harrison-Topham Tel: +44 (0) 20 7398
/ Canace Wong 7702
GateVentures@abchurch-group.com 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
END
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