Nektan (Gibraltar) Limited has confirmed that it is no longer trading on the Alternative Investment Market (AIM) of the London Stock Exchange, after failing to appoint a new nominated adviser.
Nektan cancelled its trading on AIM, citing AIM Rule 1, which states: “an applicant must appoint a nominated adviser and an AIM company must retain a nominated adviser at all times.”
Gibraltar’s Supreme Court had previously named Steven de Lara of Signature Litigation and CVR Global’s Ian Defty as joint administrators of the firm, while Nektan ‘s designated director, Shore Capital and Corporate, resigned.
At the time, Nektan stated that it had “no current intention” to appoint Shore Capital and Corporate’s replacement.
Under AIM Rule 1, ‘if an AIM company ceases to have a nominated adviser, the Exchange will suspend trading in its AIM securities’ When the company fails to name an appointed replacement adviser within one month of its suspension, ‘the admission of its AIM securities will be cancelled’.
Earlier this year, following the appointment of PCR London LLP ‘s Mark Phillips and Julie Swan as joint administrators, Nektan offloaded its Grace Media subsidiary, which is part of the Active Win Group.
During the time of the sale, which amounted to a total valuation of £200,000, Nektan said the UK B2C company produced £19.4 m of revenue and was loss-making for the year ended June 30, 2018. The sale proceeds were used by the administrators during the Nektan (Gibraltar) Limited administration run.