Sportech proposes switch to AIM listing4th June 2021 9:50 am GMT
Betting technology provider Sportech is looking to delist from the main market of the London Stock Exchange in favour of a listing on AIM.
The board of Sportech said Friday that the proposed move from would provide greater flexibility to the company with its current size and strategy, enabling it to agree and execute certain transactions more quickly and cost effectively than a company on the Official List.
The delisting requires the approval of at least 75 per cent of Sportech shareholders and will put to a vote at a general meeting of the company scheduled for June 29.
The proposed delisting follows the recent sale of Sportech’s Bump 50:50 raffle business and the proposed sale of its Global Tote business, leaving the company with a Venues division operating in the US state of Connecticut and a Lottery division providing draw-based lottery platforms and services.
The company expects the AIM listing to provide tax benefits to shareholders and increase its appeal to specialist institutional investors, while also simplify ongoing administrative and regulatory requirements.
Shares in Sportech plc. (LSE:SPO) were trading 2.68 per cent lower at 29.00 pence per share in London Friday morning, less than 10 per cent off their 52-week high of 32.00 pence per share set on February 19.