Sportech Share Discussion Threads

[nod] 07/12/2016 00:01

It will be good when the VAT overpayment claim is brought to an end.

[mark1000] 06/12/2016 16:37

my spies tell the supreme court are quite busy this week.

[russman] 06/12/2016 12:22

The judiciary break up for Xmas soon.

[nod] 30/11/2016 00:39

Did they specify which autumn?

[finkie] 29/11/2016 07:51

Where is the court ruling I thought autumn aren't we past that now?

[nod] 23/11/2016 01:20

Five year contract renewal with a customer of 17 years (acquired with US acquisition)TORONTO, Nov. 22, 2016 /PRNewswire/ -- Sportech Racing and Digital, a division of Sportech PLC, (LSE: SPO), announces that, following a competitive bidding process, it has been awarded a new contract with Tote Ireland to strengthen and expand the suite of pari-mutuel betting technologies and services utilized by the twenty-six horse racing tracks in the Republic of Ireland.Sportech has been the technology and service provider to Tote Ireland since 1999, with operations and support provided from one of Sportech's key operational centers located in Athlone, Ireland. The new contract has an initial term of five years plus five one-year options.Under the new contract, Sportech will provide an upgrade to Tote Ireland's Quantum™ System – the world's most widely deployed pari-mutuel betting system – to deliver even more features and functionality to Irish punters. Sportech will continue to provide hosting and enhanced system operations from its Global Quantum™ Data and Operations Center in the USA. Sportech will also continue to provide the daily maintenance, operations, and support of the tote equipment installed at Tote Ireland's racetracks under a logistics, service, and maintenance agreement.Tim Higgins, CEO of Tote Ireland, commented, "Tote Ireland have a long and productive business relationship with Sportech and with their Ireland-based team. We look forward to enhancing the services offered to our players and to achieving further operational efficiencies in both on-site logistics and system operations."Andrew Gaughan, President of Sportech Racing and Digital, stated: "It is very gratifying to know that after many years our partnership with Tote Ireland remains robust and fruitful and that our technologies and services continue to be embraced by Tote Ireland as the way forward in an ever-increasingly competitive marketplace."

[nod] 15/11/2016 18:41

The VAT reclaim will only be finalised if the Supreme Court agrees with the Appeal Court ruling (unanimous by three judges). If it finds HMRC has a valid appeal then we are faced with another year or more. SPO may then reduce its asking price for Football Pools to get access to cash for its US ambitions.

[finkie] 15/11/2016 10:43

Nod good news re VAT reclaim should be through maybe this week looking at the tick up, that will hopefully finally take us back to maybe 82p i feel that for 100p we will need resolution on VAT and a finalised position on football pools, may sell some in between perhaps as in at around 60p.

Cheers

[stephen1946] 10/11/2016 18:41

The figures tell you that these guys can certainly spend money.

[nod] 10/11/2016 17:31

VAT reclaim: "We are advised that this decision should be expected shortly."

[nod] 08/11/2016 15:10

Market likes the director buy"Sportech director Richard McGuire has made a £200,000 punt on the company's shares a week after it walked away from talks to sell off its Football Pools business.Non-executive director McGuire, a veteran investment banker with stints at Citigroup, HSBC and Ballie Gifford, purchased 300,000 ordinary shares in Sportech at a price 67p apiece.The purchase was his first in the company after joining Sportech in August.Last week, despite having agreed a £97.25m sale of the Football Pools business to Burlywood Capital in September, Sportech directors announced that the sale had been cancelled even though Burlywood had put plans in place to list the 93-year-old football betting business on the Alternative Investment Market.Sportech chief executive Ian Penrose said at the time that "Burlywood was unable to conclude the transaction set out within their proposal which we announced in September. The Football Pools is a valuable asset which has been transformed following a lengthy modernisation programme. We w

[nod] 02/11/2016 09:13

Sportech's chief executive Ian Penrose told the ECHO that the Pools business, which employs 100 people in Liverpool , could have closed six years ago. But instead Sportech has invested in the business and now its decline has stopped.Mr Penrose said: "Over the course of the last few years we've had a big modernisation plan at the pools. We're confident about its future."It's business as usual. But there are a lot of opportunities ahead for the football pools business and its team. We're getting into the details now."I joined this business 11 years ago now. There was a five-year plan then that the pools wouldn't be around any more."But here we are, in football terms, six years into extra time."The business makes £15m in EBITDA (a measure of profit) and has modernised its operations. Two thirds of its customer base is paying by direct debit."Pools managing director Conleth Byrne and his team have got some good opportunities to develop the business. There are new routes to market."Announcing the proposed deal last month, Walton-based Sportech said it wanted to focus on its gaming software and its American betting services.But today Mr Penrose said: "Burlywood were unable to complete the transaction that we outlined to shareholders in September. As a result of that, in an early morning call today we agreed that we should terminate discussions with Burlywood."We had hoped the deal would be completed by now. It hadn't been."Extract from The Liverpool Echo

[nod] 01/11/2016 18:18

I don't think there will be any fall-out from this. SPO would have been happy to sell the division for the right price. If the sale doesn't work out then it's business as usual for all the staff. It was not a hostile bid.They have been through this recently with the bid attempt from the Canadian company. Access to funding was unlikely to be the issue. Burlywood Partners are wealthy and well-known.http://www.burlywoodcapital.com/

[mark1000] 01/11/2016 12:06

Lets see what the fall out is - eg will the current management of the Pools who were probably already spending the millions they were expecting to make as a result of their promotions to main board and investors in the spin off will now be questioning their futures within SPO.

Was the real issue here the price? or raising the funds my money would probably be on the funds not enough appetite as it looks fully priced at 98M - with exchange rate and brEXIT concerns.

[trentendboy] 01/11/2016 08:50

US continues to open up as the PA announcement shows

[nod] 01/11/2016 08:40

I'm not unhappy with this decision as Football Pools is cash cow with good margins. It looks like buyers reneged on the initial offer and tried to push the price down. SPO could easily have wasted these funds on higher risk investments in the USA. They can waste the VAT refund instead :)

[trentendboy] 01/11/2016 08:20

Not sure this is such bad news. Clearly not offered enough.Share price fall seems over done.Tempting to jump in, drop way over done

[nod] 27/10/2016 11:20

That's a good question and i don't have an answer, except that it has only been six weeks and finances had to be worked out by the acquiring parties. Some of whom are very wealthy but I suppose they also have to get the various investments and distribution of shares agreed."The Proposed Disposal is subject to, amongst other things, the necessary equity being raised, final agreement of the sale and debt documentation and, in view of its size, the approval of Sportech shareholdersThe proposed directors of the AIM quoted company which would acquire The Football Pools business are Ian Hogg (Chairman), Conleth Byrne (Chief Executive and current Managing Director of The Football Pools), Carl Lynn (Chief Financial Officer and current Finance Director of The Football Pools), Brian Mattingley (Non-Executive Director) and Liz Catchpole (Non-Executive)There can be no certainty that the Proposed Disposal will complete and a further announcement will be made in due course."

[bubbleandleek] 27/10/2016 07:11

Does anyone know the current situation with regards to The Football Pools IPO? Seems to me because of the lack of news flow regarding raising sufficient funds for this deal, Sportech shares have suffered. any update would be much appreciated. thanks

[mark1000] 18/10/2016 01:20

sp`s drift down on lack of news - positive news on HMRC and sale of pools will do wonders for the share price - not sure its good enough to go over a 100p time will tell?

[finkie] 17/10/2016 12:16

i think its probably just the delay to the court ruling i would of hoped this would have occurred by now cant be far off presumably this heads towards 100p when they finally get HMRC to go away and bother someone else!

[lucyp00p] 14/10/2016 19:54

Must be Brexit then