Sportech PLC Termination of discussions (0799J)
December 17 2020 - 11:29AM
UK Regulatory
TIDMSPO
RNS Number : 0799J
Sportech PLC
17 December 2020
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17 December 2020
Sportech PLC
("Sportech" or the "Company")
Termination of discussions and reiteration of recommendation
Termination of discussions with Standard General L.P.
Following today's announcement by Standard General L.P.
("Standard General") that it does not intend to make an offer for
Sportech, the Board of Sportech confirms that it has terminated
talks with Standard General.
Since 3 December 2020, the Company has shared certain
information with Standard General as part of a focused due
diligence exercise in order for Standard General to be in a
position to announce a firm intention to make an offer in
accordance with Rule 2.7 of the Takeover Code. In parallel, the
Company has maintained an open dialogue with its major
shareholders.
Having considered the full terms and conditions of Standard
General's proposal, and taking into account the views of the
Company's major shareholders, the Board has concluded that the
proposal did not adequately value the businesses and prospects of
Sportech, in the light of both the execution risk attached to
Standard General's proposal and the Company's other options to
create shareholder value, including the proposed disposal of its
Global Tote business to BetMakers Technology Group Ltd (the
"Disposal").
Recommended disposal of the Global Tote business
Further to the Company's announcement on 1 December 2020
regarding the Disposal, the Board continues to believe the terms of
the Disposal to be in the best interests of the Company and its
shareholders.
Accordingly, the Board reiterates its recommendation that
shareholders vote in favour of the resolution to approve the
Disposal at the general meeting (the "Resolution") to be held at 8
Lockwood Court, Market Place, Pocklington, York YO42 2QW at 10.00
a.m. on 24 December 2020 (the "General Meeting").
In line with recent UK legislation in relation to holding
company meetings during the COVID-19 pandemic, the General Meeting
will be convened with the minimum quorum of shareholders (which
will be facilitated by the Sportech group's management) in order to
conduct the business of the General Meeting. The Company strongly
urges shareholders to vote by proxy on the Resolution as early as
possible, and the Board recommends that shareholders appoint the
chairman of the General Meeting as their proxy and no-one else.
Unless proxy appointments (whether made online, via a CREST
Proxy Instruction or by a hard copy form of proxy) are received by
no later than 10.00 a.m. on 22 December 2020 (or, if the General
Meeting is adjourned, not later than 48 hours before the time fixed
for the holding of the adjourned meeting), they will be
invalid.
Further details concerning the submission of a proxy appointment
are set out in paragraph 10 of Part I (Letter from the Chairman of
Sportech) of the circular sent to shareholders dated 7 December
2020 which included notice of the General Meeting.
For further information please contact:
Sportech plc
Giles Vardey, Non-executive Chairman Tel: +44 (0) 117 902
9000
Richard McGuire, Chief Executive Officer
Tom Hearne, Chief Financial Officer
Peel Hunt (Financial and Rule 3 Adviser) Tel: +44 (0) 20 7418
8900
George Sellar / Michael Nicholson
Buchanan Tel: +44 (0) 20 7466 5000
Henry Harrison-Topham / Jamie Hooper
sportech@buchanan.uk.com
Important notice
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated
in the United Kingdom by the Financial Conduct Authority, is acting
exclusively for Sportech and for no one else in connection with the
matters referred to in this announcement and will not be
responsible to anyone other than Sportech for providing the
protections afforded to clients of Peel Hunt or for providing
advice in relation to the contents of, or matters referred to in,
this announcement.
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END
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