REG - Sportech PLC - Result of Tender Offer

SportechAnnouncement

14/10/2021 07:00

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RNS Number : 0193P  Sportech PLC  14 October 2021

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR
FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

 

14 October 2021

SPORTECH PLC

("Sportech" or the "Company")

 

Result of Tender Offer,

Purchase of Own Shares

and

Total Voting Rights

 

Sportech (AIM: SPO), an international betting technology business is pleased
to announce the final results of the Tender Offer, details of which were set
out in the circular published by the Company on 6 August 2021 (the
"Circular"). The Tender Offer closed at 1:00 p.m. on 13 October 2021.
Capitalised terms in this announcement shall, unless the context provides
otherwise, have the meanings given to them in the Circular.

The maximum aggregate number of Shares that can be purchased pursuant to the
Tender Offer is 88,751,257 Shares (representing 47.02 per cent. of the
Company's issued share capital). The Tender Price is 40 pence per Share.

The Tender Offer was oversubscribed with a total of 137,080,127 Shares
(representing 72.62 per cent. of the Company's issued share capital) being
validly tendered by Shareholders under the Tender Offer. Shareholders who
validly tendered Shares equal to or less than their Basic Entitlement will
have their tender accepted in full. Shareholders who validly tendered Shares
in excess of their Basic Entitlement will have their tender accepted in
respect of their Basic Entitlement plus approximately 21.33 per cent. of the
number of Shares in excess of their Basic Entitlement that they validly
tendered.

After application of the scale-back mechanism, a total of 88,751,257 Shares
will, therefore, be purchased under the Tender Offer (representing 47.02 per
cent. of the Company's issued share capital). The total value which will be
returned to Shareholders pursuant to the Tender Offer will be £35.5 million.

Under the terms of the Repurchase Agreement, Peel Hunt has a put option,
exercisable on 14 October 2021, to require the Company to purchase from Peel
Hunt the Shares purchased by it pursuant to the Tender Offer at the Tender
Price. The Shares purchased by the Company pursuant to the exercise of the put
option will be cancelled (the "Cancellation"). Peel Hunt has indicated to the
Company that it intends to exercise the put option. If the put option is not
exercised as currently anticipated, the Company will inform its Shareholders
by a further announcement made through a Regulatory Information Service.

Following the Cancellation, the Company's issued share capital will be
100,000,000 Shares and the total number of voting rights in the Company will
be 100,000,000. This figure may be used by Shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, the Company, under the
Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

It is expected that cheques for Tender Offer proceeds in respect of
successfully tendered Shares will be dispatched and CREST payments made on 21
October 2021. Any queries concerning the calculation of accepted tenders and
administration of the Tender Offer should be addressed to Link on 0371 664
0321 (or +44 371 664 0321 from overseas). Calls are charged at the standard
geographic rate and will vary by provider. Calls outside the United Kingdom
will be charged at the applicable international rate. The helpline is open
between 9.00 a.m. and 5.30 p.m., Monday to Friday excluding public holidays in
England and Wales. Please note that Link Group cannot provide any financial,
legal or tax advice and calls may be recorded and monitored for security and
training purposes.

-Ends-

Contacts

 

 Sportech PLC                                enquiries@sportechplc.com

 Giles Vardey, Chairman

 Andrew Lindley, Chief Executive Officer

 Nicola Rowlands, Chief Financial Officer

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

 George Sellar

 Andrew Clark

 Will Bell
 Buchanan (Financial Communications)         Tel: +44 (0) 20 7466 5000

 Henry Harrison-Topham                       sportech@buchanan.uk.com

 Jamie Hooper

 George Beale

 

Important notice

 

Disclaimer

This announcement has been issued by and is the sole responsibility of the
Company.

Peel Hunt LLP, which is authorised and regulated by the FCA in the United
Kingdom, is acting for Sportech Group Plc in relation to the Tender Offer and
no one else and will not be responsible to anyone other than the Company for
providing the protections afforded to the customers of Peel Hunt LLP nor for
providing any advice in relation to the Tender Offer and/or any other matter
referred to in this announcement.

 

 

Notes to Editors

 

About Sportech

 

Sportech PLC, an international betting technology business, delivers solutions
and services for gaming companies and lottery clients in highly regulated
markets. Sportech also owns and operates gaming venues and digital betting
platforms in Connecticut under exclusive licences.

 

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