SBC News Voice of the Sports Betting Industry
Sportech has completed its final day of trading as a listed enterprise of the London Alternative Investment Market (AIM) as of 16 October.
The decision to de-list from the London AIM was formally announced on 11 September by the board of Sportech, following a review of the firm’s long-term interests and options.
Following its de-listing, Sportech will re-register its business as a private-limited company, with new articles of association to be incorporated next week.
The closure of Sportech’s AIM shareholding has been facilitated by JP Jenkins, a liquidity broker, trading shares for unlisted companies, who have been appointed to provide a ‘matched bargain facility’ for investors to sell their remaining shares.
The facility will allow investors to directly buy and sell securities with one another and will operate for a minimum of 12 months from 16 October 2023 or longer if required.
Undertaking consecutive corporate reorganisations from 2020 to 2021, Sportech announced that it would migrate its shareholding from the London Stock Exchange (LSE) to the AIM.
A move onto the smaller AIM was deemed as beneficial to Sportech attracting investors to its business, and securing a better investment profile away from FTSE gambling PLCs listed on London primary exchange.
The board of Sportech underlined the firm’s Cumulative shareholder rewards which garnered approximately £46m since the firm’s 2020 reorganisation.
Updating investors, Richard McGuire, Executive Chairman of Sportech said: “The Sportech Board carefully considered the importance of enabling our shareholders to continue trading in our company’s shares.
“We are delighted to announce our partnership with JP Jenkins, particularly in light of their recent collaboration with Winterflood Securities, which enhances access to the rapidly expanding unlisted securities markets.”
