Amidst Talks Of UK B2C Operations Sale, Nektan May Not Publish Its Annual Accounts For The Current Fiscal

Amidst Talks Of UK B2C Operations Sale, Nektan May Not Publish Its Annual Accounts For The Current Fiscal

Top gaming content and software supplier Nektan has said that it may not publish its annual accounts for the year to June 30, 2019, on December 31, as it is still in advanced talks about the sale of its UK B2C operations.

The company in a statement released to the investors said that it is in “advanced stages” of “significant restructuring” due to which it would most likely not publish its annual accounts for the year to June 30, 2019, on December 31, which is a rule according to the AIM. Nektan is listed on the UK AIM market.

The UK betting and gambling market is facing regulatory strictness which has dampened revenue for gambling operators. Amidst uncertainties, it has been difficult for the gaming content supplier to finalize the sale deal.

How It Impacts Trading

If Nektan fails to publish its accounts on December 31, there will be no trading in Nektan Stock on AIM.

It will be put on a halt from 7.30 am on Thursday, January 2 for as long as the accounts remain unpublished. Asked when the company is going to publish the accounts Nektan has said that it would happen in January 2020.

In its statement to investors Nektan said: “Notwithstanding that, the Group is pleased that a number of the new launches have started producing revenue underpinning confidence in the Group’s B2B division and validating the decision to restructure in order to dedicate resources to these opportunities.”

Nektan has been facing challenges in the UK and the delay in finalizing the deal is making it worse for the casino and gaming content supplier.

Also, earlier in the year, the company’s CEO Lucy Buckley had to resign following the delays in finalizing the deal.

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