Nektan plc a Gibraltar based online gambling company is preparing to rope in the administrators for a second time this year. Nektan, which is a huge UK slots developer and online & mobile casino provider in the gaming scene, is forced to appoint an administrator after it did not succeed in securing additional funding to operate its global gaming business, resulting in its shares being suspended from trading. This is the second time its share has been suspended from the start of this trading this year.
The administrator process was launched in the courts of Gibraltar and the company said that the appointment will be finalised by 14 April 2020. As a result, from the court proceedings, Alternative Investment Market (AIM) in London has suspended the trading of its ordinary shares and it takes effect from 7.30am on 14 April 2020.
The company stated that it had no choice but to take this route as it did not succeed in getting investor funding to provide the much-needed capital to continue running as an ongoing concern. At the beginning of this year, the court had ordered the appointment of PCR London, represented by Mark Phillips and Julie Swan as administrators of its subsidiary NGL. Through their efforts, the B2C business division of Nektan was sold to Grace Win for a total sum of £200,000, Grace Win is a subsidiary of Active Win group who operate a number of successful UK slots sites. Proceeds from the sale have been earmarked for the continued operation of the Nektan online & mobile casino platform. As no further details are divulged, it is difficult to ascertain more insider information regarding the suspension of this popular mobile casino white label operator.
The announcement comes as a shock to its shareholders and B2B clients as it was only revealed by the company it had managed to pare down losses by as much as 40%, for the six months operating period up to 31 December 2019. Furthermore, the revenue from its slot game publishing business has increased by more than 100% to £797,000. To give a little background, the suspension from trading in London early this year was due to its failure to publish its full year account by Dec 2019. Nevertheless, it was back to the AIM on 27 January this year, after publishing its accounts
Who are Nektan PLC.
Nektan is a worldwide content provider which caters to the online & mobile casino gaming industry by delivering mobile casino software and gaming services worldwide. It has a strong presence in the UK along with the US, EU and parts of Asia.
Established in 2014, Nektan is a global gaming tech company listed on London Stock Exchange under AIM. The companies headquarter is located in Gibraltar and it has branch offices in US, UK and India. They claim to be a fast-growing business, who are nimble and remain steadfast in their mission to deliver world class service to their partners.
Nektan do not seem afraid to take the lead for various CSR (corporate social responsibly) initiatives and compliance measures especially in the UK where gambling regulation is very stringent. They also claim to be fully prepared to tackle all the challenges associated with entering newly regulated markets.
The business to business platform, E-Lite, allows operators to have access to mobile casino content from top notch slots and game suppliers, enabling them to operate online & mobile casinos using their own licences.
Nektan also have cross platform gaming tools such as free spins, deposit bonuses and an advanced e-wallet allowing players to make casino deposits by mobile, also allowing operators to customise their mobile casino sites and further reward their players. Nektan also collaborate with some of the world’s top creators of online slots and mobile casino games and those whom have found success with their unique offline titles, to bring them online, thus enabling access to exclusive content previously not available on other gaming platforms.