REG - Sportech PLC - Response to media speculation
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
30 November 2020
Sportech PLC
(the "Group" or the "Company")
Response to media speculation
The Board notes the recent media speculation regarding the potential sale of the Company's Global Tote business to Betmakers Technology Group Ltd ("BetMakers") for a total cash consideration of approximately £31 million.
The Board confirms that it is in advanced discussions with BetMakers as a potential acquirer of the Global Tote business.
The Group continues to review all options and there can be no certainty that the sale of the Global Tote business will proceed or the terms upon which any such sale would take place.
If the sale of the Global Tote business were to proceed it would likely be classified as a class 1 transaction for the Company pursuant to Chapter 10 of the FCA's Listing Rules. In addition, the sale may require shareholder approval as result of the current offer period (as defined in the Takeover Code), pursuant to Rule 21.1 of the Takeover Code. As such, completion of the sale would be conditional upon appropriate shareholder approvals.
The Company's remaining businesses, if the sale of the Global Tote business were to proceed and complete, would comprise the Venues business, the Lottery business and the Bump 50:50 business.
The Board will issue a further statement if and when appropriate.
For further information, please contact:
Sportech PLC
Giles Vardey, Chairman
Richard McGuire, Chief Executive Officer
Tom Hearne, Chief Financial Officer
Tel: +44 (0) 117 902 9000
Peel Hunt LLP - Corporate broker
George Sellar
Andrew Clark
Will Bell
Tel: +44 (0) 20 7418 8900
Buchanan
Henry Harrison-Topham
Jamie Hooper
sportech@buchanan.uk.com
Tel: +44 (0) 20 7466 5000
This announcement contains inside information within the meaning of the Market Abuse Regulation. The person responsible for arranging release of this announcement on behalf of Sportech Plc is Richard McGuire, Chief Executive Officer.
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