Share Name Share Symbol Market Type Share ISIN Share Description
Ganapati Plc NEX:GANP NEX Ordinary Share GB00BYTQ4P91
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 12.50 0.00 0.00 0.00 0.00 0.00 0.00 12:39:41
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
- - - -

Ganapati plc Trading Update

31/01/2020 11:45am

UK Regulatory (RNS & others)


 
TIDMGANP 
 
31 January 2020 
 
                                 Ganapati Plc 
 
                         ("Ganapati" or "the Company") 
 
                                Trading Update 
 
 The Directors of Ganapati wish to inform shareholders of certain key 
developments affecting the likely progress to be made over Q2 2020. 
 
GanaEight Coin Limited ("G8C") 
 
Following the announcement made on the 17 March 2019, regarding the application 
to be made by "G8C" to the Malta Financial Services Authority ("MFSA") for 
registration as a Virtual Financial Asset ("VFA"), the Directors wish to update 
shareholders that the MFSA have issued further regulations and guidelines 
requiring extra due diligence on VFA services providers seeking to obtain a VFA 
licence. The application for VFA services licence can only be made through a 
VFA agent and the Directors have been working closely with G8C VFA Agent, Grant 
Thornton, on the preparatory phase. The Directors anticipate submitting the 
first phase of the application to the MFSA of its intention to apply for a VFA 
licence in Q1 2020. 
 
Furthermore, the VFA licence holder is required to appoint a systems auditor to 
ensure the cyber-security framework complies at all times with the licence 
holder ongoing obligations. The Directors are working closely with UK 
technology auditing firm STIS, which is one of only four firms authorised by 
the MFSA to undertake these processes, in completing the systems audit. This 
involves the blueprints of G8C blockchain, information security and cyber 
security all being rigorously tested. 
 
Following the approval of the above, being the final stage in G8C's preparation 
for application, G8C will submit a complete application pack to the MFSA. 
 
G8C is in the process of making an application for an electronic wallet, which 
will be licensed through the Malta Digital Innovation Authority ("MDIA"). The 
Directors anticipate by May 2020 completing a demonstration version of G8C 
blockchain and wallet to allow peer-review testing. G8C is expecting 
authorisation to be granted by the end of June 2020. 
 
Current trading 
 
The Group's business strategy for 2020 centres significantly on obtaining 
gaming licences in a number of appropriate jurisdictions, especially as Europe 
is moving to self-regulation. To support the Group's online casino gaming 
business expansion into the European markets, the Group intends to apply for 
the UKGC Software Supplier Licence & Game (Host) Casino Licence from the UK 
Gambling Commission through its wholly owned subsidiary Ganapati Malta Limited, 
as well as for certificates in Sweden, Denmark, Spain and Columbia.  The Group 
is aiming to complete this process by the end of June 2020. 
 
Outlook 
 
The Directors look forward to the coming year with confidence of current market 
conditions in the online gaming and blockchain sector which are projecting to 
deliver improved revenue to support the Group's expectation of continued 
growth. 
 
Whilst the Directors place great importance on presenting this update as 
accurately as possible, regulators and relevant regulations continue to evolve. 
The Directors will continue to keep all shareholders informed on the progress 
and developments of the above projects. 
 
The Directors of Ganapati Plc accept responsibility for this announcement 
 
CORPORATE ADVISER AND CONTACT DETAILS: 
 
Ganapati Plc 
Tony Drury, Chairman 
Telephone: 07973 737284 
 
Juliet Adelstein, Chief Executive Officer 
 
Telephone: +447493762929 
 
NEX EXCHANGE CORPORATE ADVISER: 
 
Alexander David Securities Limited 
David Scott - Corporate Finance 
James Dewhurst - Corporate Broking 
Telephone: +44 (0) 20 7448 9820 
http://www.ad-securities.com 
 
 
 
END 
 

(END) Dow Jones Newswires

January 31, 2020 06:45 ET (11:45 GMT)

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