Rns Out...3 Nov 2014 08:05
Nektan plc
('Nektan', 'the Company' or 'the Group')
Admission and First Day of Dealings on AIM
Nektan, an international B2B mobile gaming platform provider, is pleased to announce the admission to trading on AIM of its entire issued share capital, and the commencement of dealings, at 8 a.m. today under the ticker code "NKTN".
Highlights:
-- The Group has raised GBP4.1m (before expenses) at a placing price of 236 pence per Ordinary Share;
-- The total number of Ordinary Shares in issue at Admission is 21,228,187, giving the Group a market capitalisation of approximately GBP50.1m at the Placing Price;
-- The Directors view Admission as an important step in the Group's development, and will assist in enhancing the Group's credibility within commercial discussions while providing the Company the opportunity to access capital when commercial opportunities arise;
-- The funds raised via the Placing will be used to expand the Group's business development and product development; provide sufficient working capital to support the operation of the Group's end-to-end platform, 'Evolve'; and provide headroom for further investment in product development to expand its mobile gaming suite;
-- On Admission, Directors of the Company will hold 29.2 per cent. of the Company's ordinary Shares which will be subject to a 12 month lock-in period. A further 16.2 per cent. of the Company's Ordinary Shares will similarly be subject to a 12 month lock-in period.
-- Panmure Gordon (UK) Limited is acting as Nominated Adviser and sole Broker to the Company.
Business overview:
-- An international, licensed operator of a wholly owned technology platform built for the delivery of mobile gaming content in regulated markets;
-- Since foundation, Nektan has been purely focused on mobile gaming, the fastest growing segment in gaming that is predicted to be worth more than EUR19 billion of gross gaming revenue by 2018;
-- The Group's gaming platform, 'Evolve', provides a full end-to-end white label, mobile solution for any business;
-- The Group is targeting the US and Europe with a B2B product-driven growth strategy;
-- Nektan currently has a number of live white label partners including Go Win Casino, Red8Casino, Rethotgoldrush, and Winzino. In addition, the contracted pipeline includes City A.M., RTL Group, Mr. Green, and a scale US-based media owner;
On joining AIM, Gary Shaw, Executive Chairman of Nektan, commented:
"We are delighted with the investor response to the Placing which recognises Nektan's wholly owned technology platform and B2B growth opportunities in the US and in Europe for mobile gaming.
Admission to AIM is a significant milestone Nektan's development, and will assist in enhancing the Group's credibility within commercial discussions. The funds raised will in part be used expand Nektan's mobile gaming suite, and the Group is now well positioned to capture significant growth opport
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