18 Apr 2019 11:04
This announcement contains inside information according to REGULATION (EU) No 596/2014 (MAR).
18 April 2019
NEKTAN PLC
("Nektan", the "Company" or the "Group")
Result of Placing
Result of Placing
Further to its announcement dated 17 April 2019 ("Announcement") and its circular sent to shareholders, dated 11 January 2019 ("Circular"), the Company is pleased to confirm the successful completion of the Placing raising a total of £2.1 million before expenses.
A total of 13,978,020 new ordinary shares ("Placing Shares") have been placed at the placing price of 15 pence per share ("Placing Price"). Gary Shaw, Founder and Executive Officer of the Company, has subscribed for 4,566,667 new ordinary shares at the Placing Price for an aggregate value of approximately £0.685m.
Application will be made for the admission of 12,644,686 Placing Shares to trading on AIM and dealings are expected to occur at 8.00 a.m. on 29 April 2019 (other than in respect of the Deferred Settlement Shares as detailed below).
The Company has agreed that settlement be deferred in respect of 1,333,334 new ordinary shares ("Deferred Settlement Shares"), forming part of the Placing. Settlement of the Deferred Settlement Shares is expected by 30 June 2019. A further announcement in relation to application for the admission of the Deferred Settlement Shares to trading on AIM will be made in due course.
Debt Conversion and Facility Agreements
The position as set out in the Circular and the Announcement remains unchanged and it is expected that the Debt Conversion will be completed on 29 April 2019. This will leave the Company in a strong position going forward as a result of this significant reduction in its debt.
CLN Conversion and Series A Amendment
The position as set out in the Circular and the Announcement remains unchanged. The offer to Noteholders to convert principal and/or interest (accrued to 30 April 2019) at the Placing Price will be extended until 23 April 2019, allowing further Noteholders to elect to convert. It is expected that the CLN Conversion and Series A Amendment will be completed on 29 April 2019.
Lucy Buckley, Chief Executive Officer of Nektan, said:
"We are delighted to have successfully completed our Placing with the ongoing support of existing investors and we wish to welcome our new shareholders at this exciting time in the Company's development."
"As demonstrated in our recent results and trading updates, the Company is continuing to grow rapidly and expand its global footprint, increasing our gaming content and the partners we distribute this premium content to, which is leading to greater revenues and improving cash generation, putting us on track to report a positive EBITDA for FY2019 (ending 30 June). We look forward to providing a further update on the progress of both the CLN and Debt Conversion in the coming days, which will put the Company on an even firmer footing by greatly reducing our debt."
A further announcement will be made in due course in connection with the application for admission to trading on AIM of the new ordinary shares arising from the Debt Conversion and the CLN Conversion.
All capitalised terms in this announcement, unless otherwise defined, are as set out in the Circular.
For further information on the Group, please contact:
Nektan Lucy Buckley, Chief Executive Officer Gary Shaw, Executive Officer | +44 20 3463 8735 |
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Stockdale Securities Limited (Nominated Adviser and Joint Broker) Tom Griffiths / David Coaten | +44 20 7601 6100 |
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Smaller Company Capital Limited (Joint Broker) Rupert Williams / Jeremy Woodgate | +44 20 3651 2911 |
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Nominis Advisory (PR Adviser) Angus Campbell | +44 7 881 625 098 Email: angus@nominis.co |
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Further information on Nektan can be found on the Group's website at www.nektan.com.
About Nektan:
Nektan is a fast growing, international gaming technology and services provider, specialising in mobile casino. It licenses its proprietary technology to leading operators including BetVictor and provides end-to-end technology and white label casino services for leading brands including News International's, The Sun Play.
Nektan's full end-to-end technology platform, Evolve, enables the management of the full customer experience and back-office operations, allowing partners to focus on marketing the product to their consumers.
The E-Lite platform is Nektan's B2B gaming content aggregator and bonusing platform that delivers a wide range of premium content from the world's leading game studios. It is an easily-integrated add on module for operators, giving them an array of options and flexibility on how they manage and distribute a breadth of premium gaming content across their networks.
Nektan's US JV, Respin, provides US land-based casinos with an in-venue mobile gaming solution. It allows operators to add mobile technology and content to their existing offerings, with products accessible to players across both cabinets and mobile devices inside casinos.
Headquartered in Gibraltar, Nektan is regulated by the Gibraltar Licensing Authority, the UK Gambling Commission and the Information Commissioners Office. As a socially responsible license holder, Nektan endeavours to deliver a safe, secure and robust player gaming experience.
Nektan plc was admitted to the AIM market of the London Stock Exchange in November 2014.