Last checked at 31 Mar 2014 07:00
31 March 2014
Blue Star Capital plc
("Blue Star" or the "Company")
Investee company signs supply agreement with Nektan (Gibraltar) Limited
Blue Star is pleased to announce that Oak Media Limited ("OAK"), in which Blue Star has a 90% shareholding, has entered into an agreement with Nektan (Gibraltar) Limited ("Nektan") to supply OAK with white label real money gaming services for the UK market. The contract was signed following OAK's successful regulatory approval from the Gambling Division of the Government of Gibraltar. OAK anticipates launching its first mobile gaming products in April 2014.
Nektan is a Mobile Gaming business, which develops, licenses and operates mobile real money gaming (RMG) and Freemium Gaming products in global regulated markets. Nektan is a private company established in 2008 and has recently completed a £5m private equity fund-raise. Nektan has a management team with many years' experience in mobile casino and betting. Nektan has a full remote gambling licence from the Gibraltar Licensing Authority and has offices in London, Gibraltar and the USA.
Further to the announcement on 24 December 2013 and following the signing of this agreement, Blue Star's shareholding in OAK has reduced to 75%. OAK's management can increase their shareholding to a maximum of 50% conditional on OAK signing its first significant media client and OAK becoming profitable.
Graham Parr, Chairman of Blue Star, commented:
"OAK is an important investment for Blue Star so we are delighted they have teamed up with one of the leading players in new gaming products and systems. Nektan is an ideal partner for OAK given the strength of its management team and product portfolio."
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Contacts:
Blue Star Capital plc
Graham Parr, Chairman +44 778 891 6111
Tony Fabrizi, Chief Executive +44 777 178 2434
Daniel Stewart & Company plc
Nominated Adviser & Broker
David Hart/Ciaran Walsh/Martin Lampshire +44 20 7776 6550
Square1 Consulting
David Bick/Mark Longson +44 207 929 5599
About OAK
OAK has been formed to take advantage of the international growth in gaming for entertainment amid a fast changing regulatory environment. OAK intends to become an aggregator of the most compelling gaming technology to provide the best available gaming solutions, so it can enter the lucrative gaming market with modest investment and make rapid returns.
OAK believes that leading brands and broadcast TV will play an increasingly larger role in gaming growth and player recruitment. OAK aims to position itself as the supplier of choice to mainstream brands and mobile and broadcast TV operations, especially those with international reach, to create a total broadcast gaming solution with selected partners.