Sportech approves capital redistribution programme for its shareholders
After announcing it was seeking a corporate sale of its enterprise back in October, Sporttech PLC, one of the world’s leading pool betting operators and technology suppliers, has confirmed that it has completed its capital reduction plan and declared a redistribution of capital for its shareholders.
The company will process a £53.8m cash redistribution payment through a 29p-per-share distribution for its shareholders. The shares will be made ex-dividend on 23rd November 2017, while the capital reduction payment will be processed on Monday 18th December and given to shareholders registered by the 24th November.
Sportech PLC announced back in October that it would seek to sell its entire corporate enterprise, after an in-depth review determined this to be the best course to maximise shareholder value. London investment first Canaccord Genuity was appointed as the lead financial advisor for the sale.
Speaking about the redistribution, Richard McGuire, non-executive chairman of Sportech PLC, said:
We previously announced that the company would be making a significant distribution to its shareholders and I am pleased to formally announce that we will be distributing almost £54 million to shareholders in December. This follows the £21 million returned in March this year via a share buyback, taking total shareholder distributions to £75 million in 2017, further illustrating the turnaround in the Company’s financial position over the last twelve months. The Board are also continuing with the Formal Sale Process as outlined earlier this month and we will update shareholders further at the appropriate time.– Richard McGuire, non-executive chairman of Sportech
Giles Vardey joins governance advisory
A day after the announcement, Sportech also released the news that Giles Vardey had been appointed to the role of independent non-executive director. Vardey has been appointed chiefly to advise governance on stakeholder management throughout the process of the full sale of Sportech as a corporate entity. Vardey has previously served at Fidelity Brokerage and at the London Stock Exchange, along with advising governances of numerous other groups.
In an update to investors, McGuire said of Vardey’s appointment:
We are delighted to welcome Giles to the Board. His extensive experience at a senior level in various public and private companies will undoubtedly be of great value to Sportech not least during the Formal Sale Process that we are currently undertaking. We look forward to his wise counsel and to the balance that he will bring to the Board.– Richard McGuire, non-executive chairman of Sportech