Nektan shares suspended from trading after failure to publish accounts
Casino provider Nektan has been suspended from trading on the London Stock Exchange after missing the deadline to publish its accounts.
Listed on the Alternative Investment Market (AIM) of the London Stock Exchange, the gaming technology platform provider had until 31 December to publish its audited annual report and accounts for the year ended 30 June 2019, but failed to do so.
The provider is now temporarily suspended from trading on the AIM under AIM Rule 40, until the accounts have been published, with Nektan expecting to do so later this month.
A statement from Nektan said: “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.”
Nektan warned last month entering into advanced stages of significant restructuring and the potential sale of its UK B2C operations would delay publication of its accounts.
Despite the suspension, Nektan is still hopeful of further development, announcing it is on track to complete 20 new site launches,expecting further launches which are scheduled for Q1 of 2020.
It added: “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.”
Nektan CEO Lucy Buckley left the company in August and Executive Director Gary Shaw told Gambling Insider the company’s growing international focus was the main reason behind her departure.