Sportech Share Discussion Threads

[trentendboy] 12/4/2016 15:16

Getting back to highs Must be 100 million coming out way

[trentendboy] 12/4/2016 13:43

There is something going on here - I suspect it is good news....

High risk but....

[utterly pointless] 11/4/2016 17:27

If you think the case is strong - as I do - a quick decision is good. If you think it's weak then i guess it's bad.

[trentendboy] 11/4/2016 14:19

UP, in this area is "no news good news"? In theory, if it was a simple decision "yes" it should be quick (or no for that matter).

A delay suggests it is complex and that may not be good?

The City are buying it (sp up).....a good signal at least.

[utterly pointless] 11/4/2016 13:14

Court of Appeal usually much quicker. And it won't be a long decision. I'd guess a fortnight - although if they don't do it straight away it will take some time.

[nod] 11/4/2016 10:46

The UT decision took four months. So don't be shocked if we don't have a result in July.

[yesrupnel] 11/4/2016 09:53

11 April 2016

Sportech PLC ("Sportech" or "the Group")

Update - VAT repayment claim

Sportech, one of the world's leading pool betting organisations, can confirm that the appeal case relating to a GBP97m VAT repayment claim on the "Spot the Ball" game was heard by the Court of Appeal on 8 April 2016.

The Group has been advised to expect a decision from the Court of Appeal within three months. Shareholders will be updated as soon as more information is available.

Notes

The Claim, which was first submitted in 2009, was heard by the First-tier Tribunal's Tax Chamber ("FTT") in October 2012. In March 2013, it was announced that the FTT had found in Sportech's favour.

Following the FTT's rejection of HMRC's subsequent application for leave to appeal to the Upper Tribunal (Tax and Chancery Chamber) ("UT"), HMRC then applied directly to the UT which granted such permission. The Claim was heard by the UT in April and May of 2014 and it was announced in September that the UT had ruled in HMRC's favour.

In January 2015, Sportech announced that it had been granted the right to appeal to the Court of Appeal. The Claim was originally scheduled to be heard in November 2015, but the hearing was delayed due to a lack of judicial availability.

- ends -

[trentendboy] 11/4/2016 09:03

So somewhere somebody knows somethingWatching trades carefully

[yesrupnel] 11/4/2016 08:32

Any ideas when the tax judgement will be announced now the case has taken place?

[nod] 11/4/2016 05:44

Utterly Pointless, I wish you success with your punt. I'm not a tax expert but it would appear to be 50/50 odds based on the outcomes of past tribunal reviews. The potential gain in share price if the outcome is a win would be perhaps 50% over the year as SPO benefits from the windfall. The potential fall in share price would likely be minimal over the year as a win is not factored into the current share price In the event of a loss there will likely be an immediate fall as traders sell short but fundamentals would kick in after a few months.A reminder that Hendersons hold 28% of shares, which is quite a big punt.

[stephen1946] 09/4/2016 17:02

Nice double for, call me Trevor. Many clouds loses as will Sportech.

[trentendboy] 08/4/2016 14:51

nice utterly pointless post. There could be politics at play here I suppose so just becuase SPO are legally correct it does not mean they will win this one

[utterly pointless] 08/4/2016 14:09

i hold an awful lot of shares. i am expert in the tax field. i bought solely because i think the case will win. of course i may be wrong but...

[nod] 08/4/2016 13:40

Some further dates and key events re Pontin and Hemmings.1946: Fred Pontin opens his first holiday camp at Brean Sands, near Weston-super-Mare, Somerset.1978: Sir Fred Pontin sells Pontin's to the Coral Group.1980: Coral sells Pontin's to Bass brewery group.1987: Center Parcs opens its first UK forest village at Sherwood Forest, Notts. Blackpool magnate Trevor Hemmings heads biggest-ever MBO in the travel industry to acquire Pontin's from Bass for £57m.So, Sir Fred sold Pontins in 1978 to Coral but understandably Fred remains emotionally attached to his creation. Ian Penrose was 11 at the time.

[nod] 08/4/2016 13:08

Trentendboy - I think you have deduced it correctly.

[nod] 08/4/2016 12:59

BTW which date or age did I get wrong?

[nod] 08/4/2016 12:58

None of it is relevant except in your mind. Family feuds a la Coronation Street.

[nod] 08/4/2016 12:42

Fred Pontin passed away in 2000 aged 93. Penrose is 60 years younger and became a director at Arena when Pontin was 91 years old. There would seem to be very little overlap in the lives and careers of Pontin and Penrose. Hemings and Pontin were both in the leisure sector and may well have been fierce competitors on some occasions.

[stephen1946] 08/4/2016 11:47

Spo have lost. My late friend, Sir Fred Pontin had a name for the hemmings/penrose connection and told me to be very cautious around them, which meant i never had anything to do with them.

[trentendboy] 08/4/2016 10:43

Did SPO sack you once stephen1946 - if you were born in 1946 then perhaps you had to take early early retirement....

You seem confident that the court case has no merit which is a little odd given the decision has not yet been made and by definition the issue is not clear cut

[stephen1946] 08/4/2016 07:51

The same chance of success in court as many clouds at liverpool, none.

[yesrupnel] 08/4/2016 07:45

Any views on when the results of yesterdays and today court case will be annouced?

I cannot remember how long we had to wait the last time we got a judgement.