Nektan London listing cancelled

Platform provider’s Alternative Investment Market (AIM) listing was cancelled for a second time this year.

Gibraltar.- The Gibraltar-based online casino services provider has confirmed that it is no longer trading on the London Stock Exchange’s Alternative Investment Market after its admission was cancelled.

The supplier’s listing was suspended under AIM rules that obliged it to appoint a new nominated adviser within one month of entering administration.

On April 15 the Supreme Court of Gibraltar appointed Steven de Lara of Signature Litigation and Ian Defty of CVR Global as joint administrators of the business. Nektan’s nominated adviser, Shore Capital and Corporate resigned and has not been replaced. 

AIM Rule 1 states admission of a company’s securities to trading will be cancelled if a replacement nominated advisor isn’t appointed within a month.

Nektan has already seen its London listing suspended from trading once this year in January after it missed the deadline to publish accounts.

Administrators in Gibraltar were brought in for the second time this year in April, after the supplier failed to secure funding to continue operating, despite the company selling its B2C business Grace Media to Active Win for £200,000 in January.