Nektan suffers London Stock Exchange suspension

In the United Kingdom and the London Stock Exchange has reportedly suspended the trading of shares in Nektan after the global mobile online gaming solutions and services provider failed to publish its most recent annual accounts on time.

According to Thursday reports from the online news domains at StockMarketWire.com and CalvinAyre.com, Nektan had been listed on the prominent bourse’s Alternative Investment Market (AIM) but detailed last week that it was undergoing a significant restructuring that could include the sale of its British business-to-consumer operations. As such, the Gibraltar-headquartered firm purportedly also explained that it would be unable to reveal its audited accounts for the fiscal year to the end of June in advance of a December 31 deadline.

Required resolution:

StockMarketWire.com reported that the interim suspension was implemented after Nektan broke provision 19 of the AIM Rules for Companies, which calls for the timely release of financials, and is likely to remain in place until the iGaming innovator publishes its full results later this month.

Possible plans:

For its part, CalvinAyre.com reported that Nektan has raised in excess of £2.7 million ($3.5 million) in new capital since June and is now involved in rejigging its business while remaining hopeful of bringing in an estimated £3 million ($3.9 million) in further investment cash. It purportedly used a September filing to detail that it would like to expand its business-to-business operations although it is moreover said to have admitted that it may be forced to offload its ‘white-label’ business-to-consumer division in the United Kingdom due to the implementation of tightened player verification controls and increased remote gaming duties.

Company confidence:

Despite these dilemmas, Nektan reportedly utilized its December 23 filing to express optimism about its future position via a declaration that its business-to-business and business-to-consumer branches are continuing ‘to experience strong interest from potential partners globally.’ It furthermore proclaimed that it expected to have completed up to 20 new site launches by the end of last month and ‘has a strong pipeline of further launches scheduled’ for completion before the start of April.

Reportedly read the filing from Nektan…

“The board continues to expect these launches to be transformational with a number of these partners expected to deliver significant revenues to Nektan once fully established, which is considered typically to be three to four months after going live. Notwithstanding that, the group is pleased that a number of the new launches have started producing revenues underpinning confidence in the group’s business-to-business division and validating the decision to restructure in order to dedicate resources to these opportunities.”