TIDMNKTN
RNS Number : 6442W
Nektan PLC
18 April 2019
This announcement contains inside information according to
REGULATION (EU) No 596/2014 (MAR).
18 April 2019
NEKTAN PLC
("Nektan", the "Company" or the "Group")
Result of Placing
Result of Placing
Further to its announcement dated 17 April 2019 ("Announcement")
and its circular sent to shareholders, dated 11 January 2019
("Circular"), the Company is pleased to confirm the successful
completion of the Placing raising a total of GBP2.1 million before
expenses.
A total of 13,978,020 new ordinary shares ("Placing Shares")
have been placed at the placing price of 15 pence per share
("Placing Price"). Gary Shaw, Founder and Executive Officer of the
Company, has subscribed for 4,566,667 new ordinary shares at the
Placing Price for an aggregate value of approximately
GBP0.685m.
Application will be made for the admission of 12,644,686 Placing
Shares to trading on AIM and dealings are expected to occur at 8.00
a.m. on 29 April 2019 (other than in respect of the Deferred
Settlement Shares as detailed below).
The Company has agreed that settlement be deferred in respect of
1,333,334 new ordinary shares ("Deferred Settlement Shares"),
forming part of the Placing. Settlement of the Deferred Settlement
Shares is expected by 30 June 2019. A further announcement in
relation to application for the admission of the Deferred
Settlement Shares to trading on AIM will be made in due course.
Debt Conversion and Facility Agreements
The position as set out in the Circular and the Announcement
remains unchanged and it is expected that the Debt Conversion will
be completed on 29 April 2019. This will leave the Company in a
strong position going forward as a result of this significant
reduction in its debt.
CLN Conversion and Series A Amendment
The position as set out in the Circular and the Announcement
remains unchanged. The offer to Noteholders to convert principal
and/or interest (accrued to 30 April 2019) at the Placing Price
will be extended until 23 April 2019, allowing further Noteholders
to elect to convert. It is expected that the CLN Conversion and
Series A Amendment will be completed on 29 April 2019.
Lucy Buckley, Chief Executive Officer of Nektan, said:
"We are delighted to have successfully completed our Placing
with the ongoing support of existing investors and we wish to
welcome our new shareholders at this exciting time in the Company's
development."
"As demonstrated in our recent results and trading updates, the
Company is continuing to grow rapidly and expand its global
footprint, increasing our gaming content and the partners we
distribute this premium content to, which is leading to greater
revenues and improving cash generation, putting us on track to
report a positive EBITDA for FY2019 (ending 30 June). We look
forward to providing a further update on the progress of both the
CLN and Debt Conversion in the coming days, which will put the
Company on an even firmer footing by greatly reducing our
debt."
A further announcement will be made in due course in connection
with the application for admission to trading on AIM of the new
ordinary shares arising from the Debt Conversion and the CLN
Conversion.
All capitalised terms in this announcement, unless otherwise
defined, are as set out in the Circular.
For further information on the Group, please contact:
Nektan
Lucy Buckley, Chief Executive Officer
Gary Shaw, Executive Officer +44 20 3463 8735
Stockdale Securities Limited (Nominated Adviser and Joint Broker)
Tom Griffiths / David Coaten +44 20 7601 6100
-------------------------
Smaller Company Capital Limited (Joint Broker)
Rupert Williams / Jeremy Woodgate +44 20 3651 2911
-------------------------
Nominis Advisory (PR Adviser) +44 7 881 625 098
Angus Campbell Email: angus@nominis.co
-------------------------
Further information on Nektan can be found on the Group's
website at www.nektan.com.
About Nektan:
Nektan is a fast growing, international gaming technology and
services provider, specialising in mobile casino. It licenses its
proprietary technology to leading operators including BetVictor and
provides end-to-end technology and white label casino services for
leading brands including News International's, The Sun Play.
Nektan's full end-to-end technology platform, Evolve, enables
the management of the full customer experience and back-office
operations, allowing partners to focus on marketing the product to
their consumers.
The E-Lite platform is Nektan's B2B gaming content aggregator
and bonusing platform that delivers a wide range of premium content
from the world's leading game studios. It is an easily-integrated
add on module for operators, giving them an array of options and
flexibility on how they manage and distribute a breadth of premium
gaming content across their networks.
Nektan's US JV, Respin, provides US land-based casinos with an
in-venue mobile gaming solution. It allows operators to add mobile
technology and content to their existing offerings, with products
accessible to players across both cabinets and mobile devices
inside casinos.
Headquartered in Gibraltar, Nektan is regulated by the Gibraltar
Licensing Authority, the UK Gambling Commission and the Information
Commissioners Office. As a socially responsible license holder,
Nektan endeavours to deliver a safe, secure and robust player
gaming experience.
Nektan plc was admitted to the AIM market of the London Stock
Exchange in November 2014.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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