After failing to appoint a new nominated advisor, Nektan (Gibraltar) Limited has confirmed that it is no longer trading on the London Stock Exchange’s Alternative Investment Market (AIM).
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”.
The Supreme Court of Gibraltar had previously appointed Steven de Lara of Signature Litigation and Ian Defty of CVR Global as joint administrators of the business, while Nektan’s nominated adviser, Shore Capital and Corporate, resigned.
At the time, Nektan stated that it had “no current intention” of appointing a replacement to Shore Capital and Corporate.
Under AIM Rule 1, ‘if an AIM company ceases to have a nominated adviser the Exchange will suspend trading in its AIM securities’.If the company fails to appoint a replacement nominated adviser within a month of its suspension, ‘the admission of its AIM securities will be cancelled’.
Earlier this year Nektan offloaded its Grace Media subsidiary, which forms part of the Active Win Group, following the appointment of Mark Phillips and Julie Swan of PCR London LLP as joint administrators.
At the time of the sale, which amounted to a total consideration of £200,000, Nektan stated that for the year ended 30 June 2018, the UK B2C business generated turnover of £19.4m and was loss making. The sale proceeds have been used by the administrators in the course of running the administration of Nektan (Gibraltar) Limited.