Administrators Brought In As Nektan Fail To Secure Funding

There’s troubled times ahead for Nektan as the gaming content provider has appointed an administrator after failings in securing funds to carry on as a going concern.

Trade Share Ceased

Trade shares ceased for the second time this year, and the administrator is expected to hear from the Gibraltar courts of an appointment later today.All trading of shares on the Alternative Investment Market (AIM) for Nektan has been temporarily suspended as of 7:30am today.Funds to secure working capital to allow the company to continue working have not been met so the operator had no alternative but to call in the administrator.

Sale of B2B Business

Julie Swan and Mark Philips were the joint administrators brought in January of this year to oversee the sale of Nektan’s B2B business to Active Wins Group, Grace Media for the sum of £200.000. All proceeds were to be used to continue Nektan Gibraltar Limited (NGL) as a going concern.Nektan revealed last month losses were reduced by 40% during 6 a month period to 31 December. In January, Nektan had it’s trading suspended in London after the operator failed to produce year-end figures up to June 30th 2019. Trading eventually restored on the 27th January 2020 after the accounts were finally published.

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