16 Nov 2020 07:00
For immediate release | 16 November 2020 |
Sportech PLC
("Sportech", the "Group" or the "Company")
Sale of New Haven property
Sportech (LSE: SPO), an international betting technology business, is pleased to announce it has agreed the conditional sale (the "Sale") of its Sports Haven property in New Haven, Connecticut, USA (the "Property") to Criterion Group LLC (the "Buyer").
The Sale proceeds of US$6.75 million (£5.1 million) will be paid in cash on completion. Completion is subject to the Buyer concluding acceptable due diligence on the Property, which is anticipated to conclude towards the end of March 2021.
The consideration represents a premium to the 30 June 2020 balance sheet gross asset value of the Property of US$1.65 million (£1.2 million).
The proceeds from the Sale will create further investment capital for the Group's Connecticut business and further strengthen the Group's financial position. At completion, the Group will enter a six-month lease for use of the Property for a rent of US$0.30 million. In the year ending 31 December 2019, the Property contributed US$-0.5 million (£-0.4 million) to the Group's loss before tax.
The Sale constitutes a Class 2 transaction under the Financial Conduct Authority's Listing Rules.
Publication on website
A copy of this announcement is also available on the Group's website at www.sportechplc.com.
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For further information, please contact:
Sportech PLC Giles Vardey, Chairman Richard McGuire, Chief Executive Officer Tom Hearne, Chief Financial Officer | Tel: +44 (0) 117 902 9000 |
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Peel Hunt | Tel: +44 (0) 20 7418 8900 | |
George Sellar / Andrew Clark |
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Buchanan | Tel: +44 (0) 20 7466 5000 |
Henry Harrison-Topham / Jamie Hooper | sportech@buchanan.uk.com |
Notes to Editors:
About Sportech
Sportech PLC, an international betting technology business, delivers solutions and services for some of the world's best-known gaming companies, sports teams, racetracks, casinos and lottery clients as well as owning and operating its own gaming venues in Connecticut under exclusive licences.
The Group focuses on highly regulated markets worldwide. It has more than 29,000 betting terminals deployed to over 400 clients in 38 countries. Its global systems process US$12.3 billion in betting handle annually. In the US, it operates across 36 states. The Group has invested over US$60 million in the last five years in the successful expansion of its US gaming Venues, the diversification into raffle and lottery gaming platforms, and in developing its technology services, resulting in its proprietary Quantum™ System being the most widely deployed pari-mutuel betting system globally.