Sportech PLC - London-based betting technology company - Proposes to launch a proposed tender offer to return up to GBP35.5 million to shareholders.
The maximum number of shares to be purchased under the tender offer is 88.8 million shares, reflecting 47% of Sportech's entire issued share capital, and the tender price will be set at 40 pence per share.
In addition, Sportech is planning to reduce the nominal value of its ordinary shares from 20 pence per share to 1p , and cancel the entire amount standing to the credit of Sportech's capital redemption reserve.
Both the capital reduction and tender offer is conditional on gaining shareholder approval at a general meeting on August 23.
Current stock price: 34.80 pence, up 12%
Year-to-date change: up 27%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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