Sportech completes GBP 54 million capital reduction plan

Online gambling firm Sportech plc announced in a stock exchange advisory Thursday that it has completed its capital reduction plan as approved by shareholders on 24 May 2017, and declares a distribution of 29 pence per share in cash amounting to, in aggregate, GBP 53,828,131.

The distribution to shareholders follows the successful sale of The Football Pools business, completed in June 2017 (see previous  report) and the subsequent approval of the company’s application to reduce its capital by approximately GBP 55.7 million by the Edinburgh, Court of Session this week.

Shareholders on the register on Friday 24 November 2017 will benefit, with payment scheduled for Monday 18 December 2017.  The shares will be marked ex-dividend on Thursday 23 November 2017.

Richard McGuire, non-executive chairman of Sportech, said in the advisory:

“We previously announced that the company would be making a significant distribution to its shareholders and I am pleased to formally announce that we will be distributing almost GBP 54 million to shareholders in December.

“This follows the GBP 21 million returned in March this year via a share buyback, taking total shareholder distributions to GBP 75 million in 2017, further illustrating the turnaround in the company’s financial position over the last twelve months.  The Board are also continuing with the formal sale process as outlined earlier this month and we will update shareholders further at the appropriate time.”

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