White label and gaming content provider Nektan has announced plans to raise £ 3.0 million in working capital as well as restructure current credit contracts, warning the company needs fresh financing to proceed in the future. The business aims to raise £ 3.0 m by putting new normal stocks on equity, subject to shareholder consent, with Nektan continuing t take orders for the placement until September 25.
If this arrangement is effectively finalised, then Nektan has reached agreement to restructure its Convertible Loan Notes (CLNs) Series A and B, as well as loans from Executive Director Gary Shaw and Venture Tech Assets (VTA). The Series A CLNs, valued at £ 3.5 m, will be converted into ordinary Nektan shares, having accrued £ 0.4 m in value as of June 30, 2019. The provider is also negotiating on the Series B CLNs with noteholders to extend the repayment deadline and decrease interest on the debts. Shaw and VTA, a firm linked to the non-executive director of Nektan, Sandeep Reddy, have decided to postpone their loan redemption dates. These loans are now due to be repaid by April 29, 2021, totalling £ 1.3 m.
Nektan agreed to receive £ 350,000 from the placement proceeds while completing the transactions through an unsecured loan that can be repaid on request. The provider advised that it would require additional funds to proceed if it failed to increase financing through the positioning. This would force managers to seek alternative ways of collecting funds or selling assets.
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