Nektan Removed from AIM of London Stock Exchange

Casino supplier Nektan has been removed from the Alternative Investment Market (AIM) of the London Stock Exchange, after failing to appoint a new nominated adviser within one month of entering administration.

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

Shore Capital and Corporate resigned as nominated advisor last month. Nektan failed to appoint a new nominated adviser within one month of entering administration, with Steven de Lara and Ian Defty appointed as joint administrators on April 15 by the Supreme Court of Gibraltar.

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 and reporting a 157% rise in revenue year-on-year for H1 FY2020, ending December 31, to £797,000 on a continued basis.