Nektan shares suspended after failure to publish annual accounts

Trading in Nektan shares has been suspended after the gaming technology provider failed to publish its 2019 annual results.

AIM halted shares in Nektan automatically at 7.30am on 2 January after the B2B business was instructed to produce an annual results statement by 31 December 2019.

Nektan failed to do so, citing the “advanced stages of a significant restructuring of the Group’s operations”, including the potential sale of its UK B2C operations, as the reason for the missed deadline.

Its shares were suspended in compliance with AIM Rule 19 and will not go live again until the Nektan accounts have been published. This is likely to happen later this month, according to the provider.

Despite the uncertainty, Nektan reported it was “ahead of expectations” and had been on track to complete 20 new site launches by the end of 2019.

“The Board continues to expect these launches to be transformational, with a number of these partners expected to deliver significant revenues to Nektan once fully established, which is considered typically to be three to four months after going live,” the firm said in a statement to investors.

Last August, Lucy Buckley resigned with immediate effect as Nektan’s CEO and was replaced by the company’s founder and executive director, Gary Shaw, on an interim basis.

Buckley’s sudden departure came just nine months after she took up the role following her switch from Inspired Entertainment.