Posting of Circular, Notice of GM and Distribution

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 £3.5 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 £3.5 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 £120 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 Circular	28 June 2023
Latest time for receipt of proxy appointments in respect of the General Meeting	11 a.m. on 17 July 2023
General Meeting	11 a.m. on 19 July 2023
Record Date in respect of the Share Consolidation and Share Sub-division	6 p.m. on 19 July 2023
Admission to AIM of the New Ordinary Shares	8 a.m. on 20 July 2023
Estimated date CREST accounts credited with New Ordinary Shares	20 July 2023
Ex-dividend date in respect of the Distribution	27 July 2023
Record date in respect of the Distribution	28 July 2023
Expected date of dispatch of share certificates in respect of any New Ordinary Shares held in certificated form	3 August 2023
Fractional entitlement payment date	No later than 3 August 2023
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 Richard McGuire, Executive Chairman Clive Whiley, Senior Independent Director	[e-mail]
Peel Hunt (Nominated Adviser & Broker) George Sellar Andrew Clark Lalit Bose	Tel: [phone]

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.

 

END