Gibraltar-based casino supplier Nektan has been removed from the London Stock Exchange’s Alternative Investment Market (AIM). 

As expected, Nektan failed to appoint a new nominated advisor within one month of entering administration, thus breaking Rule 1 of the AIM. Because of this the company’s admission has been cancelled. The previous nominated advisor, Shore Capital and Corporate, had resigned in April.

On 15 April, the Supreme Court of Gibraltar appointed joint administrators in the form of Steven de Lara and Ian Defty, after the company failed to secure the funding it needed to continue operating. It is the second time the company has gone into administration this year. 

There had been positive signs at Nektan, with the company offloading its B2C business to ActiveWin Group’s Grace Media in January, and reporting a 157% jump in revenue for H1 FY2020 (ending 31 Dec), to GBP £797K on a continued basis. 

AYO.NEWs says:

The progress made by Nektan over the last 6 months or so seems to have been too little too late, and with the COVID-19 induced economic downturn making financing even harder to come by, there seems little chance of Nektan surviving. 

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