TIDMSPO

RNS Number : 1188E

Sportech PLC

28 June 2023

28 June 2023

SPORTECH PLC

('Sportech' or the 'Company')

Posting of Circular, Notice of General Meeting and Distribution

Further to the Company's announcement on 26 June 2023, Sportech announces that it is today sending a circular to shareholders (the "Circular").

The Circular sets out details of the proposed Share Capital Restructuring (which comprises the Share Capital Consolidation and the Share Sub-division) and, following recent asset sales and the receipt of conditional earnouts from prior asset sale arrangements, a capital return of, in aggregate, approximately GBP3.5 million by way of a special interim distribution of 35 pence per New Ordinary Share in issue at the relevant record date.

The Circular also includes a notice of General Meeting to be held at the offices of Dickson Minto W.S. at 16 Charlotte Square, Edinburgh EH2 4DF at 11.00 a.m. on 19 July 2023 at which the Resolutions will be proposed.

A copy of the Circular will shortly be available to download from the Company's website at: www.sportechplc.com/investors/shareholder-information

Richard McGuire, Executive Chairman of Sportech, commented: "We are pleased to propose a share restructuring that provides a solution for smaller shareholders to effectively monetise their shares at market levels without incurring any extra expenses. This proposed restructuring, essentially provides the company with long-term cost savings while simultaneously benefiting shareholders.

The Board and management remain dedicated to driving an absolute return strategy on behalf of investors and following settlement of recent asset disposals and the receipt of conditional earn outs from prior asset sale arrangements, we are also proposing a further capital return of approximately GBP3.5 million to holders of New Ordinary Shares, further enhancing the value proposition for shareholders. Since 2017 the Company has eliminated debt and following this distribution, will have returned over GBP120 million to shareholders."

Capitalised terms not otherwise defined in this announcement shall have the meaning given to them in the Company's circular published today.

Expected Timetable of Principal Events

 
Event                                         Time and / or date(1)(2) 
Publication and posting of the                            28 June 2023 
 Circular 
Latest time for receipt of proxy               11 a.m. on 17 July 2023 
 appointments in respect of the 
 General Meeting 
General Meeting                                11 a.m. on 19 July 2023 
Record Date in respect of the                   6 p.m. on 19 July 2023 
 Share Consolidation and Share 
 Sub-division 
Admission to AIM of the New Ordinary            8 a.m. on 20 July 2023 
 Shares 
Estimated date CREST accounts                             20 July 2023 
 credited with New Ordinary Shares 
Ex-dividend date in respect of                            27 July 2023 
 the Distribution 
Record date in respect of the                             28 July 2023 
 Distribution 
Expected date of dispatch of share                       3 August 2023 
 certificates in respect of any 
 New Ordinary Shares held in certificated 
 form 
Fractional entitlement payment             No later than 3 August 2023 
 date 
Distribution payment date                               11 August 2023 
 

Notes:

(1) All of the times referred to above refer to London time, unless otherwise stated

(2) Each of the times and dates in the timetable is subject to change. If any of the times and/or dates change, the revised times and/or dates will be notified to Existing Shareholders by an announcement through a Regulatory Information Service.

Contacts:

 
Sportech PLC                            enquiries@sportechplc.com 
 
 Richard McGuire, Executive Chairman 
 Clive Whiley, Senior Independent 
 Director 
 
  Peel Hunt (Nominated Adviser &        Tel: +44 (0) 20 7418 8900 
  Broker) 
 
  George Sellar 
  Andrew Clark 
  Lalit Bose 
 

Notes to Editors:

About Sportech

Sportech operates in the gaming market and has two main businesses. Firstly, it runs Sports Bars and other betting venues in Connecticut, USA, where it has an exclusive license to offer pari-mutuel wagering, it also has a distribution agreement with the Connecticut Lottery Corporation to provide retail sports betting. Secondly, Sportech provides online gaming through two separate lines of business. Mywinners.com operates under an exclusive license to offer pari-mutuel betting online in Connecticut, while 123bet.com offers pari-mutuel betting online across the wider USA.

Important notices:

Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated in the United Kingdom by the FCA, is acting as Corporate Broker to Sportech and no one else in connection with the matters described in this Announcement and will not be responsible to anyone other than Sportech for providing the protections afforded to clients of Peel Hunt, or for providing advice in connection with the matters referred to herein. Neither Peel Hunt nor any of its group undertakings or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Peel Hunt in connection with this Announcement or any matter referred to herein.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCNKOBKDBKBNAB

(END) Dow Jones Newswires

June 28, 2023 02:00 ET (06:00 GMT)

Sportech (LSE:SPO)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024 Click aqui para mais gráficos Sportech.
Sportech (LSE:SPO)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024 Click aqui para mais gráficos Sportech.