LONDON (Alliance News) - Nektan PLC Monday said it raised GBP4.1 million in a share placement and its shares climbed after admission for trading on London's secondary market, AIM.
The placing price was 236 pence a share, giving the mobile gaming platform provider a market value of GBP50.1 million at the placing. All the company's 21.2 million shares have been admitted for trade.
In morning trade, Nektan shares were up 4.7% at 247 pence.
Nektan said the raised funds will be used for business and product development, providing working capital for its Evolve platform and further investment in its gaming platforms.
Company directors will continue to hold 29.2% of the shares for a minimum 12-month period and a further 16.2% will be subject to a similar lock-in, the company said.
Disruptive Tech Limited, 2.15% owned by Blue Star Capital PLC, holds a 13% stake in Nektan after admission to AIM and has agreed to a 12-month lock-in of its shares. DTL also holds unvested share options and if exercised DTL would own 21% of Nektan, once vested.
Panmure Gordon (UK) Ltd. acted as adviser and is sole broker to Nektan.
By Ian Edmondson
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