Nektan Plans To Sell Majority Share In Respin
In bid to raise GBP 3.5 million
Gaming technology platform and service provider Nektan plc is looking to raise GBP 3.5 million through a combination of proposed placement of shares and the sale of a majority stake in its Respin subsidiary.
The proposed placing of new ordinary shares at 1 pence each in the capital of the company is expected to raise GBP 1.5 million. The company said it had received conditional subscription agreements from Gary Shaw, Executive Director of the Company, certain members of staff and certain shareholders of the Company for, in aggregate, GBP 1.1 million as well as indications of interest for the remaining GBP 0.4 million.
The sale of a 57.5 percent interest in US subsidiary Respin for GBP 2 million is reportedly at an advanced stage with an unnamed third party.
Lucy Buckley, Chief Executive Officer of Nektan, said:
“We are very pleased to have received significant support from both existing shareholders and new investors as well as a material proportion of our CLN holders. In addition, finding an investor for our US subsidiary, Respin, is a significant milestone in Nektan’s history.”
In related news, the company released full year results for the year ending June 30, 2018 reporting a 52 percent rise in revenue to GBP 20.1 million (2017: GBP 13.3 million) and an increase of 48 percent in net gaming revenue to GBP 19.4 million (2017: GBP 13.1 million).
New First Time Depositing Players rose 20 percent to reach 156,703 (2017: 130,105) and total cash stakes increased 43 percent to GBP 560 million (2017: GBP 390 million).
Adjusted EBITDA loss reduced to GBP 2.4 million (2017: GBP 3.4 million), while operating losses for the year were GBP 5.5 million (2017: GBP 4.6 million).
Adjusted EBITDA loss included a full year of operation from the company’s US division compared to 6 months in the prior year. Excluding the US, adjusted EBITDA loss reduced to GBP 1.4 million (2017: GBP 2.7 million) and an operating loss of GBP 0.5 million in H2 versus GBP 0.9 million in H1.
Kansspelautoriteit Imposes Euro 1.7 Million In Fines During 2018
To operators targeting Dutch consumers
Dutch gaming authority Kansspelautoriteit issued a record number of fines during 2018 to operators illegally targeting Dutch consumers.
Totalling Euro 1.7 million, the fines comprised 7 administrative fines, five of which were imposed on online operators Bet-at-Home, Corona, Mr Green, CyberRock and WHG International.
Playtech Reaches Israel Tax Agreement
Concerns civil tax audit from 2008 to 2017
Playtech plc has reached agreement with Israeli tax authorities following a civil tax audit covering the 10 fiscal years 2008 to 2017.
Terms of the agreement include the payment of Euro 28 million in additional tax, waiving of further penalties and the amount covering the entirety of the Playtech group’s activity in Israel.
This additional tax charge will be reflected as an exceptional item in Playtech’s 2018 accounts and payment is expected to be made in the next 30 days.