1 Oct 2010 07:00
1 October 2010
Sportech Plc ("The Group")
Regulatory Update on the Proposed Acquisition of Scientific Games Racing ("SGR")
Further to the Regulatory Update provided on 24 September 2010, Sportech today updates the market on the status of the one outstanding regulatory approval required for the proposed acquisition of SGR from Scientific Games Corporation (Nasdaq: SGMS) ("SGC"), following a meeting held by the New Jersey Racing Commission yesterday.
Sportech is pleased to announce that the New Jersey Racing Commission has given the required approval for Sportech to acquire SGR from SGC, as set out below. As a result, all the regulatory authorities in the United States with jurisdiction over the transaction have given the required approvals for Sportech to acquire SGR from SGC. In addition, the regulatory application process in the Netherlands is complete and it is expected that the required license in the Netherlands will be granted upon completion of the proposed acquisition. As a result, Sportech expects final completion of the acquisition to take place in the near future and will update in due course.
The regulatory status in each jurisdiction was set out in the announcement on 24 September, and is updated as follows:
New Jersey Racing Commission
The New Jersey Racing Commission has previously licensed SGR to provide totalisator and related services in connection with New Jersey racing. Yesterday, the New Jersey Racing Commission gave its approval to Sportech for the acquisition of SGR and the assumption by Sportech of the existing SGR license and approved functions, subject to all conditions and obligations previously imposed upon SGR.
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For further information, please contact:
Sportech PLC
Ian R Penrose, Chief Executive Tel: 020 7268 2400
Pelham Bell Pottinger
David Rydell / Emma Kent / Rosanne Perry Tel: 020 7861 3232