27 Apr 2022 07:00
| 27 April 2022 |
Sportech PLC
('Sportech' or the 'Company')
Statement re Capital Distribution to Shareholders
Sportech PLC declares a distribution of 7.0 pence per share in cash amounting to, in aggregate, £7,000,000 (the 'Distribution').
The Company is able to conduct the Distribution following the successful sale of the terrestrial lottery business, 'Dominican Republic Lottery contract', announced in January 2022 for £9.25 million gross, whilst retaining capital to finance organic growth opportunities.
The shares will be marked ex-dividend on Thursday May 5th 2022, and the Distribution will be made to those shareholders on the register on Friday 6th May 2022 (the record date). Payment will be Tuesday 31st May 2022.
Richard McGuire, Non-Executive Chairman of Sportech, said: "Management's successful sale of the terrestrial lottery business facilitated this £7 million shareholder distribution taking the total returned to investors in the last 9 months to £42.5 million. In 2017, the Company eliminated its debt and returned £75 million to shareholders in buybacks and distributions and we are delighted to continue this theme. The balance sheet is strong and executive management continue to drive an absolute performance strategy on behalf of investors."
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Contacts:
Sportech PLC
Richard McGuire, Non-Executive Chairman Andrew Lindley, Chief Executive Officer Nicola Rowlands, Chief Financial Officer
| enquiries@sportechplc.com
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Peel Hunt (Nominated Adviser & Broker)
George Sellar Andrew Clark Lalit Bose
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Tel: +44 (0) 20 7418 8900
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Information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Notes to Editors:
About Sportech
Sportech is a technology supplier and operator in the gambling market with two core businesses: A digital omni channel platform for gaming verticals including its own in-house lottery module as its B2B offering. In B2C, the Company operates Sports Bars and other venues in the State of Connecticut USA where it deploys its exclusive licence to offer pari-mutuel wagering in the State and a distribution agreement with the Connecticut Lottery Corporation to offer sports betting in the State. It also has the exclusive licence to operate pari-mutuel betting online in Connecticut, which it does under the MyWinners.com brand, and a general licence for pari-mutuel betting online across the wider USA under the 123Bet.com brand.