London-listed gaming technology company Nektan is in the “advanced stages” of “significant restructuring” which could result in the sale of its UK B2C operations, the company told investors.
Nektan, listed on the UK AIM market, said it would most likely not publish its annual accounts for the year until June 30, 2019 on December 31, as dictated by the rules of the AIM market, as a result of the ongoing discussions.
The delay in publishing the accounts means that Nektan stock trading on AIM is likely to be temporarily suspended on Thursday, January 2, from 7.30 a.m. until the accounts are published–something Nektan expects to happen “in January 2020.”
Nektan said the group is “ahead of expectations and on track to complete 20 new site launches by the end of December,” updating progress, with further launches scheduled for Q1 2020.
The board continues to expect these releases to be transformative, with “significant revenue” projected once these new sites have been set up, which Nektan claims will be “typically three to four months after going live.”
The statement went on: “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.”
For Nektan, who saw CEO Lucy Buckley resign in August, to be replaced by new CEO and company founder Gary Shaw, the delay extends a tumultuous period.