Industry News

Nektan Removed from AIM of London Stock Exchange

Published

5 years ago

May 20, 2020

Niji Narayan

Nektan Removed from AIM of London Stock Exchange

Reading Time: < 1 minute

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.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.