Sportech PLC Posting of Circular, Notice of GM and Distribution (1188E)
June 28 2023 - 2:00AM
UK Regulatory
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.
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END
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