RNS Number : 0844Z
Sportech PLC
10 March 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

FOR IMMEDIATE RELEASE

 

10 March 2017

Sportech PLC

("Sportech" or the "Company")

Posting of Circular and Opening of Tender Offer

 

Further to the Board's announcement on 2 March 2017 of its intention to return approximately £20 million to Shareholders by way of Tender Offer, Sportech is pleased to announce that the Company has today posted a circular to Shareholders containing the formal terms and conditions of the Tender Offer and details of how Qualifying Shareholders will be able to participate (the "Circular").

The Tender Offer is being made available to all Qualifying Shareholders who are on the Register at 5 p.m. on 20 March 2017. Shareholders can decide whether they wish to tender any or all of their Shares in the Tender Offer but the acceptance of the tenders may be scaled back depending on the take-up of the Tender Offer (see the Circular for further details). The maximum aggregate number of Shares to be purchased under the Tender Offer is 20,623,804 Shares. The Tender Price payable will be the lower of £1.015 per Share (being the closing price on the day prior to this announcement), or 105 per cent. of the average closing middle market price per Share for the five Business Days immediately preceding 21 March 2017, being the date on which the Shares will be purchased.

The Tender Offer is being made by Investec Bank plc ("Investec"), as principal on the basis that all Shares that it buys under the Tender Offer will be purchased from it by the Company under its existing buy-back authority for cancellation.

The Board is making no recommendation to Shareholders in relation to participation in the Tender Offer. Qualifying Shareholders are not obliged to tender any of their Shares if they do not wish to do so.

 

Timetable

Publication and posting of circular

10 March 2017

Tender Offer opens

10 March 2017

Closing Date - latest time and date for receipt of Tender Forms and settlement of TTE instruction(s) from CREST

1.00 p.m. on 20 March 2017

Record Date for Tender Offer

5.00 p.m. on 20 March 2017

Result of Tender Offer announced

21 March 2017

CREST accounts credited with Tender Offer consideration and any unsold uncertificated Shares

 by 28 March 2017

Despatch of cheques for Tender Offer consideration in respect of certificated Shares sold under the Tender Offer and any balance certificates in respect of any unsold certificated Shares

 by 28 March 2017

 

A copy of the Circular will be submitted to the National Storage Mechanism and will shortly be available for inspection at: www.morningstar.co.uk. In addition, the documents will be available on the Company's website at: www.sportechplc.com.  

 

This summary should be read in conjunction with the Circular which has today been posted to Shareholders.

 

This announcement contains inside information.

 

Enquiries:

Sportech PLC

020 7268 2400

Ian Penrose, Chief Executive


Mickey Kalifa, Chief Financial Officer




Brunswick Group 

 020 7404 5959

Mike Smith

sportech@brunswickgroup.com

Stuart Donnelly 




Investec Bank plc

020 7597 5970

Patrick Robb


Henry Reast


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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