Sportech PLC Result of Tender Offer (0193P)
14 October 2021 - 5:00PM
UK Regulatory
TIDMSPO
RNS Number : 0193P
Sportech PLC
14 October 2021
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IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO
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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 GBP35.5 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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END
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