Published
Financial

Nektan removed from London Stock Exchange

Nektan is no longer trading on the Alternative Investment Market (AIM) of the London Stock Exchange, after its admission was cancelled.

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The supplier failed to appoint a new nominated adviser within one month of entering administration, with Steven de Lara and Ian Defty appointed join administrators on 15 April by the Supreme Court of Gibraltar.

Rule 1 of the AIM states admission of a company’s securities to trading will be cancelled if a replacement nominated advisor isn’t appointed within a month.

Shore Capital and Corporate resigned as nominated advisor last month, with Nektan stating at the time it had no intention of appointing a replacement.

Last month, the administrators were forced to be brought in for the second time this year, after the supplier failed to secure necessary funds to allow it to continue operating.

This is despite Nektan selling its B2C business for £200,000 ($243,701) to ActiveWin Group’s Grace Media in January.

In March, the supplier reported a 157% rise in revenue year-on-year for H1 FY2020, ending 31 December, to £797,000 on a continued basis.

However, it’s been a tumultuous year for Nektan overall , which was originally suspended from trading on the AIM in January after missing the deadline to publish its accounts.

Gambling Insider has reached out to Nektan for comment.

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