Sportech to Seek Shareholder Approval for AIM Delisting
(“Sportech” or the “Company”)
Proposed cancellation of admission of Ordinary Shares to trading on AIM
September 11, 2023 — Sportech (AIM:SPO) announces the proposed cancellation of admission of its ordinary shares of 10p each (“Ordinary Shares”) to trading on AIM (“Cancellation”), re-registration as a private limited company (“Re-registration”) and adoption of new articles of association (“New Articles”).
The Board has undertaken a review to evaluate the benefits and drawbacks to the Company and its shareholders of its admission to trading on AIM. This review has acknowledged the significant burdens (financial and non-financial) associated with its status as a publicly traded company, particularly given the scale of the Sportech group’s business. For this reason, the Board has concluded that Cancellation and Re-registration are in the best interests of the Company and its shareholders as a whole. A detailed explanation of these reasons is set out in the Appendix to this announcement.
A circular will be sent to shareholders setting out the background to and reasons for the proposed Cancellation, Re-registration and associated adoption of the New Articles (“Circular”). The Circular will also contain a notice convening a general meeting (“General Meeting”) at which shareholders will be invited to consider and, if thought fit, approve the proposed Cancellation, Re-registration and associated adoption of the New Articles. The Circular is expected to be posted to shareholders in the second half of September.
To be passed, the resolution approving the Cancellation requires, pursuant to Rule 41 of the AIM Rules, the approval of not less than 75 per cent. of the votes cast by shareholders at the General Meeting. The resolution to approve the Re-registration and the associated adoption of New Articles also requires the approval of not less than 75 per cent. of the votes cast by shareholders at the General Meeting.
Should the Cancellation be approved by shareholders at the General Meeting, the Company intends to implement a matched bargain facility with a third party matched bargain facility provider. This will facilitate shareholders buying and selling Ordinary Shares on a matched bargain basis following the Cancellation.
Further details of the proposed Cancellation, Re-registration and associated adoption of New Articles will be set out in the Circular which, as noted above, is expected to be posted to shareholders in the second half of September.
SOURCE: Sportech PLC.Tags: Sportech PLC.