Sportech Share Discussion Threads

[trentendboy] 27/9/2017 19:00

Is mood music on gaming looking stronger. Regulation being good. SPO are well positioned

[van zandt] 27/9/2017 16:09

nod,

Thanks you for the info. One hopes that the museum will not suffer the hair dryer treatment that used to be readily available in other nearby areas of Manchester of late and that clarity will prevail at the Museum under Mr Penrose unlike the prevailing obscurity during his time at SPO.


Now, nod, to matter serious, I have a feeling that the fix is in again for the small shareholders. Details have been pushed back again until November.

What do you and others think?
Regards as ever,
VZ

[nod] 27/9/2017 08:18

The National Football Museum in Manchester has appointed a new chair and CEO.

Ian Penrose will take up the role of non-executive chairman responsible for overall governance and leadership of the board of trustees, while Tim Desmond has been announced as the new CEO.

Ian said: “I have been on the Board of Trustees at the Museum for many years, and have been proud to see it develop into the world class visitor attraction that it is today.

“Furthermore, I am pleased that Tim will be taking on the role of Chief Executive. Tim’s successful track record, plus our combined keen interest in football, should ensure that we can lead the Museum to the next stage of its development.”

Since 2006, as CEO of the National Justice Museum (formerly the Galleries of Justice and the National Centre for Citizenship and the Law), Tim has led the continuing development of the award-winning charity to expand beyond its Nottingham visitor attractions and has set up education syndicates for children and young people to learn about the law at the UK Supreme Court and Royal Courts of Justice in London, the Manchester Civil Justice Centre and Crown Court.

A graduate of Loughborough University with a background in theatre, Tim champions diversity and culture through a range of executive and non-executive roles at Nottingham Trent University, Speakers’ Corner Trust, and the Arts Council.

Tim adds: “In my mind, there is no greater job in museums and attractions, than being the CEO of the National Football Museum in Manchester.

[durham dealer] 22/9/2017 11:12

I'm probably missing the obvious. But does anyone have view on the large sale by the Ian Penrose yesterday.


I also note the massive sell yesterday(which I guess is linked to the above)
21-09-17 14:08:24 97.25 641,570 O 98.00 99.00 Sell 32,083 643,673

I still hold SPO Long.
Any insights greatly appreciated.

Thanks

[o1dsmokie] 22/9/2017 07:16

Pigs at the trough again!

[nod] 21/9/2017 01:46

The estimated tax of $100k would indicate an estimated betting turnover of $6.25 million

[nod] 21/9/2017 01:40

Same news as above but with a bit of extra information.Danbury OTB parlor wins zoning commission approvalBy Kevin Zimmerman September 20, 2017Danbury's first off-track-betting (OTB) parlor has taken a major step forward, following the city's zoning commission's 6-3 vote in favor of approving a zoning regulation amendment.The issue – long a bone of contention for several Danbury residents and businesses – now goes to Danbury's 21-member City Council, which is expected to take it up as early as next month.If passed, the amendment would allow the addition of an approximately 1,200-square-foot OTB operation to the second floor of Two Steps Downtown Grille, a longtime fixture at 5 Ives St.Gambling and entertainment company Sportech, which has exclusive licensing rights to OTB in Connecticut, has pledged $750,000 to renovate the eatery and has said that it will provide 1.6 percent of its gross revenue to CityCenter Danbury, the special taxing district formed by merchants in the late 1980s. City officials have estimated that sum could be as much as $100,000 per year.In July, Sportech opened an OTB at Bobby V's Restaurant and Sports Bar at 268 Atlantic St. in Stamford.https://westfaironline.com/93974/danbury-otb-parlor-wins-zoning-commission-approval/

[nod] 19/9/2017 02:12

Off-track betting project moves forward in DanburyBy Rob RyserUpdated 6:02 pm, Monday, September 18, 2017DANBURY - A city businessman has one hurdle left to clear to build an off-track-betting parlor in his downtown restaurant.That hurdle is Danbury's 21-member City Council, which now has the power to allow an OTB parlor in a restaurant on a case-by-case basis.The city's Zoning Commission last week amended its regulations to permit a state-regulated OTB parlor as a secondary use in a city restaurant, subject to City Council approval.The commission's approval advances the application of Tom Devine, the owner of Two Steps Downtown Grille, who has been lobbying the city to permit a deal he has with Sportech, which holds the only OTB license in Connecticut.Sportech plans to spend at least $750,000 to create a sports-bar theme at Two Steps, where patrons can place horse bets as easily as orders for blackened chicken wraps.A similar OTB recently opened at Bobby V's sports bar and restaurant on Stamford's Atlantic Street."It's doing great business," Devine says of the Stamford venture. "The main thing is people are reacting to it as a restaurant, because that it what it is."Not everyone agrees. For example, before the amendment was passed last week, Zoning Commissioner James Kelly questioned the impact of gambling on the health, safety and welfare of the public.http://www.newstimes.com/local/article/DANBURY-12207022.php

[nod] 18/9/2017 20:47

I suspect new Chairman, Richard McGuire, has plans. A veteran investment banker is likely to have takeover plans of some kind.From last November news:In his first purchase of shares at Sportech, non-executive director Richard McGuire has bought 300,000 in the Football Pools owner.McGuire, who joined in August 2016, paid out 67p a share – spending £200,000. The veteran investment banker, who has worked at HSBC, Salomon Brothers Baillie Gifford and Citigroup, was also non-executive director at pub group Mitchells & Butlers and joint owner of broadcaster Turf TV, which provides live racing coverage to bookies.The purchase comes a week after betting technology firm Sportech axed the sale of its Pools business to Burleywood Capital for £97.3million.

[stephen1946] 18/9/2017 19:33

Expect sportech to disclose anything? In your dreams.

Arena holders were dealt similar cards, after all, attheraces is a successful outfit bought and paid for with Arena holders money, what did Arena holders get? Sweet fa.

Sportech have barrowloads of wonga, how much will holders get, very very little.

How much will directors get and major holder? Most of it, rest assured.

Sportech will come up with a good wheeze shortly that will stuff holders.

[nod] 18/9/2017 18:53

A very unusual situation to lose your CEO and CFO on the same day and announce another strategic review.This doesn't appear to have been planned or on the horizon on 24 July when SPO announced its generous executive Value Creation Plan and they gave up 700k recently awarded options in exchange. Perhaps this plan did not go down well with major shareholders who saw it as snouts in the trough.Something is going on behind the scenes.It could be takeover talks but I would have expected them to disclose this.

[runthejoules] 18/9/2017 11:10

So why the heck won't good news stick in this company??

[gersemi] 18/9/2017 06:28

Looks like they've put themselves up for sale - 'FOR SALE'

[runthejoules] 18/9/2017 06:14

Sounds like the company is very much in play now. Now whhich companies've got some spare change down the back of the sofa? Sportech PLC - Board Changes & Strategic Review:

18 September 2017

Sportech PLC ("the Company") announces that it is undertaking a comprehensive review of the business and the capital structure, with all options to optimise value for the benefit of shareholders under consideration.



Ian Penrose, CEO and Mickey Kalifa, CFO have informed the Board of their intention to resign from their current roles. Ian will remain with Sportech until 31 December 2017. Mickey's resignation from the Board is effective as of today but he will remain with the company until 31 October 2017. Ian and Mickey will assist in an orderly transition in the coming months. Richard Cooper, currently Chair of the Audit Committee, will assume oversight of the finance function.



This follows a successful turnaround in the business under their leadership, in which the Company secured £97m gross receipt from its VAT litigation case, modernised and sold the Football Pools, repaid £65m of debt and returned £21m to shareholders with an anticipated substantial distribution to follow from the Group's £64m net current assets as at 30 June 2017.



The Company will provide an update on the strategic review and the future management structure with the Group's trading update on November 9, 2017.



Richard McGuire, non-executive Chairman of Sportech, commented: "We would like to thank Ian for the tremendous job he has performed at Sportech. He presided over the transformation of the Company from a UK focused business into a respected, fully licensed and regulated global gaming technology supplier and gambling operator in the US with a strong balance sheet".



"Mickey led a remarkable transformation in the company's financial strength as CFO and previously when Corporate Development Director, in prominently driving Sportech's

global expansion. On behalf of the Board, I would like to thank him for his work over many years and wish him continued success in the future".



"As Chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders".



Ian Penrose commented: "I have enjoyed my time at Sportech in which the company has enjoyed a transformational period from a rapidly, and many thought terminally, declining UK business with debts exceeding £112m and 5x leverage, into the business it is today. We stated two years ago, when the share price was 65p and we had £65m of debt that we would deliver growth in shareholder value. I am therefore delighted that we have delivered a £150m net turnaround in the financial position of the Group. This includes the return of £21m to shareholders, the elimination of the debt and the current substantial cash, resulting in a share price that has increased by around 50% over these two years. In addition, Sportech has a great North American based business with both organic and strong regulatory growth opportunities."


Mickey Kalifa, said: "I have been with Sportech for eight years and have thoroughly enjoyed my time at the company and driving the Group's successful financial turnaround. However, I believe it is time to move to the next stage of my career. I am very confident that Sportech will continue to deliver value for shareholders and customers alike."

[noujay] 04/9/2017 12:30

Thanks Nod.Even stripping out the possibility of an exceptional distribution to shareholders there's some interesting stuff here.

[nod] 04/9/2017 11:35

Yes. That sums up the past seven years.The status of the claim for compound interest is below. A final decision is expected this year."Compound InterestIn 2009, Sportech submitted an additional claim that could entitle it to receive compound interest, rather than simple interest, on the amount of overpaid VAT. Whilst the quantum of the claim is not yet known precisely, it could more than double the total sum receivable to date.This claim is on hold pending the outcome of Littlewoods Retail Ltd and others v HMRC, which is scheduled to be heard in the Supreme Court in July 2017. In that case, the Court of Appeal unanimously upheld the High Court's decision that the taxpayer was entitled to interest on a compound basis on the overpayment of VAT."

[noujay] 04/9/2017 09:26

So they have won the case against HMRC, with the final Supreme Court appeal by HMRC having been thrown out, and now they simply await adjudication on interest..is that accurate?I am new to this and just starting some research so appreciate any opinions/feedback.

[trentendboy] 01/9/2017 09:05

Interesting - the upside really is significant and as long as the US keeps going at the same pace the downside is very low.

It is just a little less exciting that some others (888, SCH or GAN)

[funchalman] 01/9/2017 08:17

mention in this weeks shares magazine for SPO.
SPO may soon pay shareholders cash equal to nearly one third its current market value(29%),according to investment bank investec.It believes the payout could be upto 29p per share.Investec believes a positive outcome on its compound interest legal battle could be worth between 150m and 250m which equates to 81p and 135p per SPO share.
DYOR

[nod] 25/8/2017 11:37

I think SPO execs will want to reduce its cash pile very quickly otherwise it could become a takeover target. Shareholders may like a takeover at a nice premium but the directors will not want to be thrown off the gravy train.

[finkie] 24/8/2017 13:26

What about the court sanction being sought to release £55m to shareholders any comment on that........that would seem a major return of cash to me?!

[trentendboy] 24/8/2017 07:41

Decent results. I agree with Nod, the licences are what I like and why I stay heavily invested.They could be taken out as well with that cash and those assetsAny court case news?

[nod] 24/8/2017 06:45

Net cash of £76.2 million compared with net debt of £59.8 million this time last year.

[nod] 23/8/2017 23:21

VZ, The nice thing about the Dansk Hestevæddeløb contract is that SPO is in a monopoly situation. This is the case with most if the contracts it operates under licence to the government regulator. Just like operating the National Lottery is a monopoly. Of course, they still have to perform and deliver top service with leading edge technology, otherwise you lose the contract on renewal.We need a lot more contracts to replace the Football Pools, which was highly profitable for a sunset business.Warren Buffett likes monopolies and businesses that have a wide unassailable moat around them. Me too.There is uncertainty as to where SPO will invest. Hopefully, SPO will gives shareholders a heads up this week. We are sitting on a pile of cash today, whereas in the past we always operated with a pile of debt. Being highly cash generative servicing the debt was not an issue but it often made SPO a target for bears looking for targets in weak markets.

[nod] 23/8/2017 23:06

Stephen, you did tell us this at 60p.The share price has risen 60% since then.I hope your investments are going well.