TIDMNKTN
RNS Number : 0552Z
Nektan PLC
07 January 2020
7 January 2020
NEKTAN PLC
("Nektan", the "Company" or the "Group")
Sale of the UK B2C business by the Administrators
Nektan plc (AIM: NKTN), the fast growing, award-winning
international gaming technology platform and services provider,
announces an update following the appointment of administrators to
a Group subsidiary, Nektan (Gibraltar) Limited ("NGL"), as
announced earlier today.
Following their appointment to NGL, the administrators have sold
Nektan's UK B2C business to Grace Media Limited (the "buyer"), part
of the Active Win Group, for total cash consideration of
GBP200,000, payable as an initial payment of GBP50,000 with the
balance payable subject to the UK B2C business meeting a series of
agreed KPIs. For the year ended 30 June 2018, being its most recent
audited accounts, Nektan's UK B2C business generated turnover of
GBP19.4 million and was loss making. The sale proceeds will be used
by the administrators in the course of running the administration
of NGL.
The sale of the UK B2C business has no impact on the ongoing
business of the Company and, as part of the sale of the UK B2C
business, the Company has entered into a B2B partnership with the
buyer to facilitate continued, uninterrupted delivery of services
to the UK B2C business. As is the normal business model for a B2B
partnership, Nektan will receive ongoing monthly royalties from the
buyer.
Gary Shaw, Interim Chief Executive Officer of Nektan, said:
"For the Administrators of NGL to secure the sale of the UK B2C
business to a group of the calibre of Active Win Group, in order to
see the continued, uninterrupted delivery of the white label
operation the Group has built over the years, is very reassuring to
all stakeholders involved.
We look forward to working in partnership through the B2B
relationship with the buyer as they take the business forward."
Warren Jacobs, CEO of Active Win Group, said:
"The opportunity to acquire the UK B2C business allows Active
Win Group to expand further into the UK online casino market,
furthering our growth in this market from being a white label
operator ourselves, to working with the full complement of business
partners established by Nektan in recent years.
We believe that with the right focus and attention, in a
changing and dynamic market, that we will be able to deliver for
all our stakeholders, including all of our newly acquired white
label partners.
We look forward to working together with Nektan as our exclusive
B2B partner as we grow the business in the coming years."
For further information on the Group, please contact:
Nektan
Gary Shaw, Interim Chief Executive Officer
Simon Hay, Chief Financial Officer
Kam Bansil, IR +44 203 478 2648
Shore Capital (Nominated Adviser and Joint Broker)
Tom Griffiths / David Coaten +44 207 408 4050
-----------------
Novum Securities (Joint Broker)
Jon Belliss / Colin Rowbury +44 207 399 9425
-----------------
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.
Nektan's full end-to-end technology platform, Evolve, enables
the management of the full customer experience and back-office
operations, allowing operators on this platform to allow their
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 has a material stake in US-based interactive gaming
operator Rapid Games, which provides US land-based casinos with an
in-venue mobile gaming solution. It allows operators to add mobile
technology and content making 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.
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END
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