REG - Sportech PLC - Posting of Circular, Notice of GM and Distribution

SportechAnnouncement

28/06/2023 07:00

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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 £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         11 a.m. on 17 July 2023
 Meeting
 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  3 August 2023
 Shares held in certificated form
 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                                  enquiries@sportechplc.com

 Richard McGuire, Executive Chairman

 Clive Whiley, Senior Independent Director

 Peel Hunt (Nominated Adviser & Broker)        Tel: +44 (0) 20 7418 8900

 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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