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.
At 0840 GMT, Nektan shares were up 5.9% at 250 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.
Panmure Gordon (UK) Ltd acted as adviser and is sole broker to the company.
By Ian Edmondson
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