Nektan Appoint Administators

By Simon Wright, Last updated Jan 26, 2021

Nektan the iGaming platform provider which yesterday afternoon requested for trading of their shares on the London AIM to be suspended, have today appointed joint administrators to the company.

With Nektan today confirming that  that Steven de Lara of Signature Litigation (Gibraltar) Limited and Ian Defty of CVR Global LLP have been appointed as joint administrators to the Company in the Supreme Court of Gibraltar.

Accordingly Nektan plc have informed the stock exchange that Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited have resigned as Nominated Adviser and Joint Broker, respectively, to Nektan with immediate effect.

On the 31st March, Nektan plc released their six month trading report up to 31st December 2019. Whereby it was reported that the Directors of the company in light of the unforeseen impact of Covid-19 were in discussions with advisors and stakeholders regarding the future of the Group.

Gary Shaw, the interim Chief Executive Officer of Nextan, wrote at the time: “Whilst we are currently live with 34 sites across multiple continents, we see a strong pipeline of partner launches from leading global businesses to deliver their online gaming solutions.”

“The roll-out of these sites should take place over the next 2-3 months, which will significantly transform the revenue profile of the Group.  This higher margin revenue is forecast to drive the Group to EBITDA break-even by the end of this current financial year.”

 “However, the effects of COVID-19 are only beginning to be understood by the Company and our sector, which creates material uncertainty as we understand the effects on our key stakeholders.  The Directors are assessing all available options and we will provide further updates as appropriate.”

 “I place on record my thanks to the Board, our staff, our partners and all stakeholders in their continued efforts and support for the business.”

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