LONDON (Alliance News) - Gaming services provider Nektan PLC said Friday it was set to raise "significantly" more than originally expected after its placing had experienced high demand from investors.
In late December, Nektan announced plans to raise GBP3.5 million through the GBP2.0 million sale of a 58% stake in its US subsidiary Respin with a further GBP1.5 million from a share placing priced at 15 pence per share.
Shares in Nektan were 11% lower at 13.15 pence on Friday.
On Friday, Nektan explained it has "received more support" for placing that originally announced. The firm now has demand for shares worth around GBP2.2 million, "significantly" above its original expected raise.
In addition, Nektan noted that it had also "received further expressions of interest which may increase the funds raised."
There is, however, a small delay on the sale of its Respin stake due to due diligence processes which remain ongoing. The firm expects to enter a binding contract by the end of April.
Outside of this, Nektan remains on track to be earnings before interest, taxes, depreciation and amortisation break-even in its European operations for the year ending June. It also confirmed it had enough working capital for its current needs.