The famous casino provider, Nektan, have been suspended from trading on the London Stock Exchange after they failed to meet the deadline given to them to publish their accounts.
Nektan were given until the 31st December to publish their audited annual report and accounts for the year ended 30th June 2019. However, they failed to do so. Nektan were listed on the Alternative Investment Market, which is abbreviated to AIM, of the London Stock Exchange.
As they have failed to provide their audited annual reports, they have now been temporarily suspended from trading on the AIM under AIM Rule 40. This is until the accounts have been published. Nektan are now expected to publish their reports later this month, so that they can trade on the stock market again.
Nektan themselves have published a statement on the matter, “Notwithstanding the temporary suspension of trading in the ordinary shares, the company will continue to make announcements as and when required by the AIM rules”.
This has all been part of the restructuring process that Nektan have been going through, as they plan to emerge more in other markets that deem to have better opportunity, for example the Asia markets. They want to move away from the UK market, and they have begun to do this. One of the moves that they have done in order to move away from the UK market is selling their B2C business for £200,000 to Active Win Group.
This sale itself has been a factor in the delay of publicizing their accounts. They have been focusing more on the sale and it has made it difficult to get all of the accounts publicized, hence why they are expected to release them this month.
Nektan do not want this suspension to harm their progress and they are still hoping that their process will keep developing further, with them stating that they are on track to complete 20 new site launches. They also then expect further launches that are to be scheduled for Q1 of 2020.
Nektan also said “”The board continues to expect these launches to be transformational, with a number of these partners expected to deliver significant revenues to Nektan, once fully established, which is considered typically to be three to four months after going live.”
The CEO of Nektan, who was Lucy Buckley has left the company, which happened back in August 2019 and the Executive Director, Gary Shaw, reported that the reason for her departure was because of the company’s focus of growing more internationally and moving away from the UK market.