Nektan Manages to Raise £2.1 Million From Shared Placement

April 24, 2019 by

Gaming services provider and platform Nektan has rained a total of £2.1 million before their expenses thanks to a share placement. Nektan had offered 13,987,020 ordinary shares at a price of 15 pence for each, with Gary Shaw, who is the founder and executive officer, taking on 4,566,667 shares of his own at the placing price that had an aggregate value of around £685,000.

The operator is set to start trading these shares on the London Stock Exchange, and they expect that they will be given clearance before April comes to an end. Nektan competed their placement process and closed off its shares at 12.05 pence. Their shares reopened at 12.10 pence each, and rose once again to 12.75. Talking about their share placement, Lucy Buckley, CEO of Nektan, said they are delighted to have completed their placing thanks to the support of existing investors, and are looking forward to welcoming new shareholders at this time in the company’s development.

She continued by saying that their recent trading updates and results show that the operator is growing at a fast pace and are growing their footprint internationally while also increasing their gaming content. She added that the partners that they are distributing to are helping them to get back on track with the hope of reporting a positive EBITDA by the end of the 2019 financial year. This comes after they finished a sale of 57.7% of majority stake to its Respin US subsidiary.

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