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Nektan plans to sell majority share in Respin

Gaming technology platform and service provider Nektan plc is looking to raise GBP 3.5 million through a combination of proposed placement of shares and the sale of a majority stake in its Respin subsidiary.

The proposed placing of new ordinary shares at 1 pence each in the capital of the company is expected to raise GBP 1.5 million.  The company said it had received conditional subscription agreements from Gary Shaw, Executive Director of the Company, certain members of staff and certain shareholders of the Company for, in aggregate, GBP 1.1 million as well as indications of interest for the remaining GBP 0.4 million.

The sale of a 57.5 percent interest in US subsidiary Respin for GBP 2 million is reportedly at an advanced stage with an unnamed third party.

Lucy Buckley, Chief Executive Officer of Nektan, said:

“We are very pleased to have received significant support from both existing shareholders and new investors as well as a material proportion of our CLN holders.  In addition, finding an investor for our US subsidiary, Respin, is a significant milestone in Nektan's history.”

In related news, the company released full year results for the year ending June 30, 2018 reporting a 52 percent rise in revenue to GBP 20.1 million (2017: GBP 13.3 million) and an increase of 48 percent in net gaming revenue to GBP 19.4 million (2017: GBP 13.1 million).

New First Time Depositing Players rose 20 percent to reach 156,703 (2017: 130,105) and total cash stakes increased 43 percent to GBP 560 million (2017: GBP 390 million).

Adjusted EBITDA loss reduced to GBP 2.4 million (2017: GBP 3.4 million), while operating losses for the year were GBP 5.5 million (2017: GBP 4.6 million).

Adjusted EBITDA loss included a full year of operation from the company’s US division compared to 6 months in the prior year.   Excluding the US, adjusted EBITDA loss reduced to GBP 1.4 million (2017: GBP 2.7 million) and an operating loss of GBP 0.5 million in H2 versus GBP 0.9 million in H1.

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