RE: Tommc. old news but one reason?12 Mar 2015 16:58
Gate Ventures Plc, the Investing Company formed to make investments and capitalise on investment opportunities in the media and entertainment sectors, is pleased to announce the admission today of its ordinary shares of 1p each ("Ordinary Shares") to trading on AIM and the commencement of dealings in its Ordinary Shares under the ticker GATE.
The Company has raised £3.242 million, before expenses, through a subscription and placing ("Issue") of 32,420,000 new Ordinary Shares at a price of 10p per share ("Issue Price"). The market capitalisation of the Company at the Issue Price on admission will be £3.242 million.
The Company will be using the net subscription and placing proceeds primarily to investigate and pursue potential acquisitions, perform due diligence, contribute towards professional costs associated with potential acquisitions and fund the initial working capital requirements of the Company.
Investing Policy of the Company ("Investing Policy")
Gate Ventures is a new company formed to make investments and capitalise on investment opportunities in the media and entertainment sector, focussing on, but not limiting itself to, theatre production and the music industry. The Board intends to focus on businesses using technologies such as online social media, the internet and disruptive software development. The Company intends to focus on investing in businesses or projects at any stage of development which, the Directors believe, are seeking to establish or expand their businesses or projects internationally and which offer attractive investment terms. It is intended that investments will be made primarily in the United Kingdom and China where the Directors believe that there are opportunities to acquire interests in suitable projects with high growth prospects, however other territories will also be considered as investment opportunities arise.
The Directors may consider it appropriate for the Company to take an equity interest in any proposed investment, which may range from a minority position to 100 per cent. ownership. Proposed investments may be made in either quoted or unquoted companies and structured as a direct acquisition, joint venture or as a direct interest in a project. It is not anticipated that a separate custodian, trustee or other fiduciary is appointed to hold investments made by the Company.
New investments will be held for the medium to longer term, although shorter term disposal of any investments cannot be ruled out.
There will be no limit on the number of projects into which the Company may invest, and the Company's financial resources may be invested in a number of propositions or in just one investment, which may be deemed to be a reverse takeover pursuant to Rule 14 of the AIM Rules for Companies. Where the Company builds a portfolio of related assets it is possible that there may be cross-holdings between such a