If you would like to learn more about future focusIR related events and roundtables, please submit your details here

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSPO.L Regulatory News (SPO)

  • There is currently no data for SPO

Completion of SGR Acquisition

5 Oct 2010 08:06

RNS Number : 8577T
Sportech PLC
05 October 2010
 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA, OR ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO

Sportech PLC

("Sportech" or "the Group")

Completion of the Acquisition of Scientific Games Racing

and

Board Changes

 

Capitalised terms in this announcement have the same meaning as in the prospectus dated 27 January 2010.

 

Acquisition of SGR

 

Sportech today announces completion of the acquisition of Scientific Games Racing ("SGR") from Scientific Games Corporation (Nasdaq: SGMS) ("SGC"). Following the issue of the Consideration Shares to SGC, the number of shares in issue is now 198,810,302 and SGC have become a commercial partner and 19.9% shareholder in Sportech.

 

The acquisition of SGR transforms Sportech and creates one of the world's leading pool betting ("tote") operators and systems providers, offering wagering on a variety of sports - notably football and horseracing - primarily in Europe and North America.

 

The enlarged group will have operational bases in the UK, mainland Europe and the US. Given the significant regulatory approval process the Group (and certain other key shareholders including Playtech Limited) have undergone in connection with the SGR acquisition, the Board believes Sportech now has a significant advantage in its ability to capitalise on the highly regulated global gaming markets, including key jurisdictions in the US.

 

Board Changes

 

To reflect the significant change in the structure and geographic reach of the enlarged Sportech business a number of changes to the Sportech Board are effective from Admission of the Consideration Shares.

 

·; Ian Hogg is appointed to the Board as Chief Operating Officer of UK and Online with additional responsibilities for the integration of SGR into the Group;

 

·; Brooks Pierce, is appointed to the Board as President of SGR with continuing responsibility for the performance of the SGR business, and Chief Business Development Officer;

 

·; Lorne Weil, Chairman of Scientific Games Corporation is appointed as a Non-Executive Director (in his individual capacity and not as a representative of Scientific Games); and

 

·; Shmuel Weiss, Chief Operating Officer of Playtech is appointed as a Non-Executive Director (as a representative of Playtech).

 

In addition, both Kathryn Revitt and Jon Holmes are stepping down from their roles as Non-Executive Directors of the Board with immediate effect. Kathryn has served on the Board since September 2000 and Jon since July 2007. We thank them both for their valuable contributions during their respective tenures.

 

Suitable candidates for appointments to further strengthen the Non-Executive contingent of the Board following these changes are under active consideration.

 

Biographies of the Directors joining the Board are set out in more detail below. There are no further details required to be disclosed pursuant to Listing Rule 9.6.13 in connection with the above appointments.

 

 

Commenting on the transaction, Ian Penrose, Chief Executive of Sportech, said:

"This is hugely important transaction, which transforms the business of Sportech. Over the past three years Sportech has undergone significant restructuring, culminating in the completion of the SGR acquisition. This acquisition creates a world-leading pools betting company with international reach. As well as significant growth potential in our existing main markets of Europe and North America, the enlarged Sportech will have the scale and capability to compete in the new and emerging regulated global gaming markets."

 

Piers Pottinger, Chairman of Sportech added:

 

"The new Board appointments appropriately reflect this advancement in the business. All four new Board members are highly respected individuals within the gaming world and bring with them unrivalled industry knowledge and experience which will be of tremendous value to the Company. We thank Kathryn and Jon who are leaving the Board at this time for their valuable contributions over many years."

 

 

Enquiries

 

Sportech

Tel: 020 7268 2400

Ian Penrose (Chief Executive)

Steve Cunliffe (Finance Director)

 

Pelham Bell Pottinger

Tel: 020 7861 3232

David Rydell / Rosanne Perry / Emma Kent

 

Analyst Presentation

 

Details on the date and timing of a presentation for analysts by the Sportech management team on the SGR acquisition will be announced in due course.

 

Biographies

 

·; Ian Hogg, 47 is appointed to the Sportech Board as Chief Operating Officer of UK and Online. In this newly created role, Ian will be responsible for the ongoing development of Sportech's market leading football pools business and the successful development of all e-Gaming operations. Ian will also oversee the integration of the SGR business with the existing Sportech business. Ian has been a consultant to Sportech for the last six months. Between 2005 and 2009 Ian was a founding shareholder and Managing Director of Better, the betting shop business which was built up to 44 shops from creation and then merged with the Jennings betting shop chain. Previously Ian has been a consultant to BSkyB and Tote Tasmania. From 1998-2004 he was the Director of online and gaming at Arena Leisure Plc and in 2003/4, he was seconded as Managing Director of At The Races. Ian is currently also the Chairman of Fox Poker Club.

 

·; Brooks Pierce, 49, brings more than 19 years of experience in the gaming industry to the enlarged Sportech business, primarily in the areas of pari-mutuel and sports wagering. Brooks will continue as President of SGR, maintaining full responsibility for the performance of SGR and in addition, has become Sportech's Chief Business Development Officer. In 2007 Brooks reprised his role as president of SGR, one that he previously held from 1997 to 2004, to oversee the activities of SGR. From 2004 to 2007, Brooks was senior vice president of marketing for SGC, during which time he was actively involved in the identification and evaluation of target acquisition candidates for the company. Brooks began his career at Autotote, the predecessor company to Scientific Games, in 1991. Prior to becoming president, Brooks was vice president of sales where he was responsible for directing the sales effort of all of North America and was instrumental in significantly increasing the competitive position of Autotote.

 

·; Lorne Weil, 64, brings more than 20 years of wide-ranging gaming industry experience to the Board and will provide expert insight into the global pari-mutuel and sports wagering and gaming markets. Lorne has been Chairman of the board of Scientific Games Corporation since October 1991 and served as Chief Executive Officer from April 1992 through to December 2008. Lorne also served as president of Scientific Games from August 1997 to June 2005. During Lorne's tenure, Scientific Games' revenues grew from US$43 Million in 1992 to over US$1 billion in 2007. Previously, Lorne was vice president, corporate development at General Instrument Corporation, working with wagering and cable systems. Prior to that, he was a senior professional with the Boston Consulting Group. Lorne is a member of the board of overseers of Columbia Business School where he is also chairman of the advisory board of the Entrepreneurship Center.

 

·; Shmuel Weiss, 53, is the Chief Operating Officer of Playtech Limited with overall responsibility for the company's global operations and software development. Shmuel joined the Playtech group in 2006 and was CEO of Videobet, the group's successful server-based gaming machine division and became COO at the end of 2008. Prior to his involvement with Playtech, Shmuel held a number of senior management positions as CEO or COO at Israel based businesses in the internet and leisure sectors.

 

 

ENDS

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQUVSNRRUARRRA
Date   Source Headline
17th Oct 20237:00 amRNSCancellation - Sportech PLC
16th Oct 20237:00 amRNSMatched Bargain Dealing Facility
13th Oct 20233:31 pmRNSHolding(s) in Company
12th Oct 20235:45 pmRNSSportech
9th Oct 20232:17 pmRNSHolding(s) in Company
5th Oct 202310:00 amRNSResult of General Meeting
28th Sep 202311:50 amRNSDirector/PDMR Shareholding
28th Sep 202310:03 amRNSHolding(s) in Company
28th Sep 20239:55 amRNSHolding(s) in Company
27th Sep 20234:00 pmRNSDirector/PDMR Shareholding
25th Sep 202312:21 pmRNSDirector/PDMR Shareholding
25th Sep 20237:00 amRNSHolding(s) in Company
19th Sep 20237:00 amRNSPublication of Circular and Notice of GM
14th Sep 20237:00 amRNSNotification of Major Holdings
11th Sep 20237:01 amRNSProposed De-lisiting
11th Sep 20237:00 amRNSHalf-year Report
30th Aug 20232:02 pmRNSNotification of Major Holdings
27th Jul 20231:35 pmRNSCapital distribution dates
24th Jul 20235:25 pmRNSTotal Voting Rights and Distribution
19th Jul 202312:00 pmRNSResult of Meeting
28th Jun 20237:00 amRNSPosting of Circular, Notice of GM and Distribution
26th Jun 20237:00 amRNSShare Restructure, Distribution and GM
30th May 20235:48 pmRNSResult of AGM
30th May 20237:00 amRNSAGM Trading Update
5th May 20237:00 amRNSNotice of AGM
18th Apr 20237:00 amRNSFinal Results
28th Feb 20233:34 pmRNSNotification of Major Holdings
24th Jan 20237:35 amRNSFY 2022 pre-close update
4th Jan 20234:13 pmRNSNotification of Major Holdings
24th Oct 20228:30 amRNSDirector/PDMR Shareholding
17th Oct 20227:00 amRNSNotification of Major Holings
17th Oct 20227:00 amRNSNotification of Major Holdings
14th Oct 20229:44 amRNSNotification of Major Holdings
14th Oct 20227:00 amRNSDirector/PDMR Shareholding
11th Oct 20224:41 pmRNSSecond Price Monitoring Extn
11th Oct 20224:35 pmRNSPrice Monitoring Extension
1st Sep 20227:00 amRNSInterim Results
24th Aug 20227:00 amRNSDirectorate Change
28th Jul 20227:00 amRNSDirectorate Change
31st May 20222:00 pmRNSResult of Annual General Meeting
31st May 20227:00 amRNSAGM Trading Update and Board Changes
25th May 20227:00 amRNSDirectorate Change
6th May 20227:00 amRNSNotice of Annual General Meeting
27th Apr 20227:00 amRNSStatement re Capital Distribution to Shareholders
14th Apr 20227:00 amRNSDirectorate Change
1st Apr 20227:00 amRNSDirectorate Changes
31st Mar 20227:00 amRNSFinal Results
22nd Mar 20221:42 pmRNSNotification of Major Holdings
22nd Mar 202211:09 amRNSNotification of Major Holdings
15th Mar 20224:46 pmRNSNotification of Major Holdings

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.