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Nektan PLC (NKTN)

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Monday 23 December, 2019

Nektan PLC

Delay in publication of accounts and update

RNS Number : 8991X
Nektan PLC
23 December 2019
 

23 December 2019

NEKTAN PLC

("Nektan", the "Company" or the "Group")

Delay in publication of annual audited accounts and update on commercial progress

Nektan plc (AIM: NKTN), the fast growing, award-winning international gaming technology platform and services provider, announces that it is in advanced stages of a significant restructuring of the Group's operations, including the potential sale of its UK B2C operations.  As a result, the Company is unlikely to be able to publish its audited annual report and accounts for the year ended 30 June 2019 (the "Accounts") by 31 December 2019, as required by Rule 19 of the AIM Rules for Companies (the "AIM Rules").

Due to the likely delay in publishing of the Company's Accounts, dealings in the Company's ordinary shares is expected to be temporarily suspended from trading on AIM under AIM Rule 40, with effect from 7.30 a.m. on Thursday 2 January 2020 until such time as the Accounts have been duly published in compliance with AIM Rule 19. The Group expects that this will be during January 2020. 

Update on commercial progress

In its international B2B and B2C divisions, the Group continues to experience strong interest from potential partners globally. Further to the update on 18 September 2019, the Group is pleased to report that it is ahead of expectations and on track to complete 20 new site launches by the end of December 2019. In addition, the Group has a strong pipeline of further launches scheduled for Q1 calendar 2020. 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 3 to 4 months after going live. Notwithstanding that, the Group is pleased that a number of the new launches have started producing revenue underpinning confidence in the Group's B2B division and validating the decision to restructure in order to dedicate resources to these opportunities.

Notwithstanding the likely temporary suspension of trading in the Ordinary Shares, the Company will continue to make announcements as and when required by the AIM Rules.

For further information on the Group, please contact: 

Nektan

Gary Shaw, Interim Chief Executive Officer

Simon Hay, Chief Financial Officer

Kam Bansil, IR 

+44 203 478 2648

 

 

Shore Capital (Nominated Adviser and Joint Broker)

Tom Griffiths / David Coaten

+44 207 408 4050

 

 

Novum Securities (Joint Broker)

Jon Belliss / Colin Rowbury

+44 207 399 9425

 

 

Further information on Nektan can be found on the Group's website at www.nektan.com

About Nektan:

Nektan is a fast growing, international gaming technology and services provider, specialising in mobile casino. It licenses its proprietary technology to leading operators, including BetVictor, and provides end-to-end technology and white label casino services for leading brands, including News International's The Sun Play.

 

Nektan's full end-to-end technology platform, Evolve, enables the management of the full customer experience and back-office operations, allowing partners to focus on marketing the product to their consumers.

 

The E-Lite platform is Nektan's B2B gaming content aggregator and bonusing platform that delivers a wide range of premium content from the world's leading game studios. It is an easily-integrated add on module for operators, giving them an array of options and flexibility on how they manage and distribute a breadth of premium gaming content across their networks.

 

Nektan has a material stake in US-based interactive gaming operator Rapid Games, which provides US land-based casinos with an in-venue mobile gaming solution. It allows operators to add mobile technology and content making products accessible to players across both cabinets and mobile devices inside casinos.

Headquartered in Gibraltar, Nektan is regulated by the Gibraltar Licensing Authority, the UK Gambling Commission and the Information Commissioners Office. As a socially responsible license holder, Nektan endeavours to deliver a safe, secure and robust player gaming experience.

 

Nektan plc was admitted to the AIM market of the London Stock Exchange in November 2014.

 


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