REG - Sportech PLC - AGM Trading Update and Board Changes

SportechAnnouncement

31/05/2022 07:00

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RNS Number : 2923N  Sportech PLC  31 May 2022

31 May 2022

 

SPORTECH PLC

('Sportech', the 'Company' or the 'Group')

 

AGM Trading Update and Board Changes

 

 

Sportech, an international betting and technology business, announces a
trading update and Board changes ahead of its Annual General Meeting ('AGM')
to be held at 10.30 a.m. today at Shakespeare Martineau, 6th Floor, 60
Gracechurch Street, London, EC3V 0HR.

 

Trading Update

 

For the first five months of the year trading has been in line with the
Board's expectations. Sports betting continues to experience a high rate of
growth and should see betting handle in the Group's Connecticut Venues come
close to that of pari-mutuel for the full year. The pari-mutuel wagering and
food and beverage trade continue to feel the effects of the COVID-19 pandemic,
with trade remaining below the 2019 full year highs.  Record online growth in
pari-mutuel betting seen during the pandemic has receded slightly as the
effects of new forms of online gambling in Connecticut has inevitably impacted
the discretionary gambling dollar available to historic Sportech products.
However, the introduction of sports betting has been very positive, and the
Board are confident that the Company will achieve the projected overall
improvement in the Venues business to support a positive Group EBITDA this
year.

 

Board Changes

 

Andrew Lindley will step down from his role as Chief Executive Officer and
therefore will not stand for re-election as a Director at the AGM today.
Accordingly, the Company has withdrawn that proposed Resolution. Andrew will
continue to support the Group in concluding various current initiatives in the
coming months. The withdrawal of the Resolution does not affect the validity
of any proxy votes already submitted in respect of the remaining resolutions
to be proposed at the AGM. The numbering of all other proposed resolutions at
the AGM remains unchanged.

 

The Board would like to thank Andrew for his professionalism and services to
the Company during his tenure as the CEO.

 

Richard McGuire, current Non-Executive Chairman, has been appointed Executive
Chairman, effective immediately. Mr McGuire shall receive no fixed
compensation for the role, however it is anticipated he will participate in a
performance only incentive, directly linked to significant Group value
creation.

 

Capital Distribution

 

As announced 27 April 2022, the Group confirms that a payment of 7p per share
has been made today to all registered shareholders on the register at 6 May
2022, the record date. The aggregate payment by the Group was £7,000,000.

 

Notice of Interim Results

 

The Group will release its interim results for the six months ended 30 June
2022 on 1 September 2022.

 

 

Contacts:

 

 Sportech PLC                                   enquiries@sportechplc.com

 Richard McGuire, Executive Chairman

 Clive Whiley, Non-Executive Director

 Nicola Rowlands, Chief Financial Officer

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

 George Sellar

 Andrew Clark

 Lalit Bose

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU No. 596/2014) (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

Notes to Editors:

 

About Sportech

Sportech is a technology supplier and operator in the gambling market with two
core businesses: A digital omni channel platform for gaming verticals
including its own in-house lottery module as its B2B offering. In B2C, the
Company operates Sports Bars and other venues in the State of Connecticut USA
where it deploys its exclusive licence to offer pari-mutuel wagering in the
State and a distribution agreement with the Connecticut Lottery Corporation to
offer sports betting in the State. It also has the exclusive licence to
operate pari-mutuel betting online in Connecticut, which it does under the
MyWinners.com brand, and a general licence for pari-mutuel betting online
across the USA.

 

 

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