{"id":97,"date":"2024-06-28T10:46:43","date_gmt":"2024-06-28T07:46:43","guid":{"rendered":"https:\/\/miraxcasinonodepositbonus.icu\/2024\/06\/28\/nektan-seeks-3-million-to-stay-afloat\/"},"modified":"2024-06-28T10:46:43","modified_gmt":"2024-06-28T07:46:43","slug":"nektan-seeks-3-million-to-stay-afloat","status":"publish","type":"post","link":"https:\/\/miraxcasinonodepositbonus.icu\/2024\/06\/28\/nektan-seeks-3-million-to-stay-afloat\/","title":{"rendered":"Nektan Seeks \u00a33 Million to Stay Afloat"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/Ki_Slw6DM9c\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Nektan has revealed plans to secure \u00a33 million in operational funds and revamp its existing loan arrangements, cautioning that the company requires fresh capital to stay afloat.<\/p>\n<p>Nektan intends to raise the \u00a33 million through the issuance of new ordinary shares, but this necessitates shareholder approval. Nektan will accept subscriptions by September 25th.<\/p>\n<p>If the share placement is successfully finalized, Nektan will reach an accord with Series A and B convertible loan note (CLN) holders, including executive director Gary Shaw and Venture Tech Assets (VTA), to reorganize its debt.<\/p>\n<p>As of June 30, 2019, the \u00a33.5 million Series A CLN had accumulated \u00a3400,000 in interest and will be transformed into Nektan ordinary shares. The provider is also in discussions with bondholders to extend the repayment period for the Series B CLN and decrease the loan interest. <\/p>\n<p>Shaw and VTA, a firm linked to Sandeep Reddy, a non-executive director of Nektan, have consented to postpone the repayment date of a loan. These loans, totaling \u00a31.3 million, will now be settled by April 29, 2021.<\/p>\n<p>Jim Wilkinson, Nektan&#8217;s non-executive chairperson, stated, &#8220;The proposed placement and fortification of the Group&#8217;s financial statement through the conversion and extension of the convertible bonds is a highly significant development for Nektan, which, if successful, will place us in a considerably stronger position.&#8221; &#8220;I am appreciative of the CLN holders for their assistance in this matter.&#8221;<\/p>\n<p>Nektan has agreed to receive \u00a3350,000 from the proceeds of the placement as an unsecured loan, payable upon completion of the transaction. This sum can be repaid at any time.<\/p>\n<p>Providers have cautioned that if funds cannot be procured through the placement, additional funding will be necessary to continue operations. This would prompt the executives to seek alternative forms of financing or asset sales.<\/p>\n<p>Wilkinson added that Nektan still believes its technological platform possesses the potential for achievement in multiple markets.<\/p>\n<p>He elaborated, &#8220;With a considerable number of integrations anticipated to be finalized during 2019 and a variety of exciting opportunities, the Group believes it has entered a transformative phase with a promising future.&#8221; <\/p>\n<p>A business report, issued alongside information about a capital reorganization and stock placement, revealed that Nektan&#8217;s B2B division had experienced substantial growth in its fiscal year ending June 30, 2020.<\/p>\n<p>B2B income rose by a significant 308.3% from a low starting point to \u00a3980,000. Their solutions were launched with over 12 collaborators across six markets in Asia and Africa, with further expansion anticipated in the last months of 2019. Integrations with eight partners in Europe were to be finished, along with seven in India and four in Taiwan.<\/p>\n<p>&#8220;Many of the entities the group is integrating with are well-known names in their respective regions. [Nektan] believes that the income from these integrations, if successful, has the potential to significantly alter the group&#8217;s financial performance,&#8221; the provider explained.<\/p>\n<p>Nektan added that its integration with Kenyan operator Betika was completed in July, with daily wagers exceeding 1.6 million and overall gaming income increasing weekly.<\/p>\n<p>However, the B2C white label division faced difficulties in the UK due to increased remote gaming taxes and stricter player verification procedures. Nektan noted that it is currently paying \u00a34.6 million in point of consumption tax to HMRC.<\/p>\n<p>However, the company stated that it has engaged with a number of partners who have agreed to increase marketing spending, which is expected to drive revenue growth. <\/p>\n<p>The firm has begun to reduce expenses, and they anticipate achieving profitability by the close of this financial year. Their prior objective was to attain profitability by June 30, 2019. <\/p>\n<p>Subscribe to the iGaming news bulletin. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nektan has revealed plans to secure \u00a33 million in operational funds and revamp its existing loan arrangements, cautioning that the company requires fresh capital to stay afloat. Nektan intends to raise the \u00a33 million through the issuance of new ordinary shares, but this necessitates shareholder approval. Nektan will accept subscriptions by September 25th. If the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nektan Seeks \u00a33 Million Lifeline to Stay Afloat<\/title>\n<meta name=\"description\" content=\"Nektan needs \u00a33 million to survive. 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