Sportech PLC Disposal of Leidsa contract (2503X)
04 Janeiro 2022 - 4:00AM
UK Regulatory
TIDMSPO
RNS Number : 2503X
Sportech PLC
04 January 2022
Sportech PLC
("Sportech" or the "Group" or the "Company")
Disposal of Leidsa contract
Following previous announcements, Sportech is pleased to
announce that it has signed and completed an agreement to sell its
entire interest in its contract for the supply of lottery systems
to Loteria Electrónica Internacional Dominicana S.A. ('Leidsa'), to
Inspired Entertainment Inc ('Inspired') - a deal worth up to $14.5m
to Sportech.
The consideration is payable in two parts; with $12.5m paid in
cash on completion and up to a further $2m payable in royalty based
cash revenues from the licensing of digital assets to Inspired that
will support Liedsa's online retail platform.
In FY20, the Leidsa contract generated profits before taxation
and extraordinary items of GBP1,355k. At 30 June 2021, the value of
the gross assets associated with the Leidsa contract was
GBP1,583k.
The Board are assessing the capital requirements of the Group
and will provide an update on the use of proceeds from the sale in
due course.
Andrew Lindley, CEO of Sportech, said:
"This deal represents Sportech's exit from the supply of lottery
products managed on the Quantum system, which was acquired by
Betmakers from the Company as part of the disposal of the Company's
Tote business. This allows the Company's lottery division to
concentrate exclusively on supplies managed on its wholly owned,
cloud-based platform. The deal supports the future focus of the
Company and we are also pleased to hand our valued customer over to
the safe pair of hands that is Inspired Entertainment."
Lorne Weil, Executive Chair of Inspired, said:
"The management of Inspired has a lengthy history with both
Sportech and Leidsa and we are pleased that we were able to work
together successfully to complete this transaction to the benefit
of all parties." Weil continued, "Leidsa is one of the largest and
most successful lotteries in Latin America. Beyond the immediate
potential in the Dominican Republic, we anticipate that the lottery
systems platform can be further enhanced in order to accelerate the
path of our strategic objectives in the worldwide online and retail
lottery market."
Enquiries:
Sportech PLC enquiries@sportechplc.com
Andrew Lindley Chief Executive Officer
Nicola Rowlands Chief Financial Officer
Peel Hunt (NOMAD and broker to Tel: +44 (0) 20 7418 8900
Sportech)
George Sellar
Andrew Clark
Lalit Bose
Sportech is a technology supplier and operator in the gambling
market with two core businesses: A digital omni channel platform
for gaming verticals including its own in-house lottery module as
its B2B offering. In B2C, the Company operates Sports Bars and
other venues in the State of Connecticut USA where it deploys its
exclusive licence to offer pari-mutuel wagering in the State and a
distribution agreement with the Connecticut Lottery Company to
offer sports betting in the State. It also has the exclusive
licence to operate pari-mutuel betting online in Connecticut, which
it does under the MyWinners.com brand, and a general licence for
pari-mutuel betting online across the wider USA under the
123Bet.com brand.
Inspired offers an expanding portfolio of content, technology,
hardware and services for regulated gaming, betting, lottery,
social and leisure operators across land-based and mobile channels
around the world. The Company's gaming, virtual sports, interactive
and leisure products appeal to a wide variety of players, creating
new opportunities for operators to grow their revenue. The Company
operates in approximately 35 jurisdictions worldwide, supplying
gaming systems with associated terminals and content for
approximately 50,000 gaming machines located in betting shops,
pubs, gaming halls and other route operations; virtual sports
products through more than 32,000 retail venues and various online
websites; interactive games for 170+ websites; and a variety of
amusement entertainment solutions with a total installed base of
more than 16,000 terminals. Additional information can be found at
www.inseinc.com .
Leidsa is licensed by the Government of the Dominican Republic
to operate lotteries for retail sale domestically and online across
the country and has more than 2100 terrestrial outlets.
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END
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January 04, 2022 02:00 ET (07:00 GMT)
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