Sportech Share Discussion Threads

[van zandt] 21/10/2017 16:46

Source: hxxp://www.theday.com/article/20171020/BIZ02/171029926

Sportech Venues’ parent company is up for sale, a development that’s not expected to have any immediate effect on Connecticut’s off-track-betting system, a state Department of Consumer Protection official said Friday.

Based in New Haven, Sportech Venues operates 16 OTB facilities, including one in New London, and has been authorized to open eight more.
“If there is a sale, a process would have to occur before the sale is consummated,” William Ryan, director of the department’s Gaming Division, said. “It would be very similar to when Sportech bought Autotote in September of 2010. The new owner would be subject to the terms of the existing contract.”
That contract, Ryan said, extends indefinitely.
Sportech PLC, Sportech Venues’ London-based parent, announced Thursday that its board of directors, having begun “a comprehensive review of the business and its capital structure,” had decided to seek offers for the company. The reason, it said, was to maximize value for shareholders.
The company’s entire sports gaming and technology enterprise, which has a presence in more than 30 countries, including pari-mutuel betting operations in dozens of U.S. states, trades on the London Stock Exchange.
According to gaming publications, Sportech PLC has grown considerably in recent years. In September, the company’s chief executive officer and its chief financial officer both announced they planned to resign.
In Connecticut, it’s “business as usual," Ted Taylor, president of Sportech Venues, wrote in an email.

Earlier this year, the Connecticut legislature passed a gaming-expansion bill that included a provision increasing from 18 to 24 the number of OTB facilities Sportech Venues is authorized to open in the state. Sportech opened its 16th Connecticut facility in June, a second Bobby V’s Restaurant & Sports Bar in Stamford. Typically located in restaurants and bars, the OTB facilities offer wagering on live broadcasts of horse racing, greyhound racing and jai alai.
In July, Taylor said Sportech was considering a number of prospective locations for additional facilities, including an eastern Connecticut town he declined to identify.

Anticipating competition from a casino now under construction in Springfield, Mass., Sportech heavily invested several years ago in its first Bobby V’s, which is adjacent to the Bradley Teletheater and Bradley International Airport in Windsor Locks.
Testifying this spring before a legislative committee, a Sportech executive warned that in addition to the Springfield casino, a third Connecticut casino north of Hartford also would threaten the OTB facilities in Windsor Locks, Hartford, New Britain and Manchester.

The legislature since has authorized an East Windsor casino that the Mashantucket Pequot and Mohegan tribes plan to develop.
Sportech Venues’ OTB operation “has been holding its own” in recent years, according to Ryan. Off-track betting contributed more than $3.6 million in taxes to the state’s General Fund in the 2015 fiscal year, the last year for which data is available on the Gaming Division's website. In 2016, Sportech Venues generated nearly $6 million for the state and the municipalities where its facilities are located, according to testimony before the legislature.

“Sportech runs a first-class operation,” Ryan said.
As ever regards,VZ

[nod] 21/10/2017 04:15

Major shareholders

On 12 September 2017, the following interests representing 3% or more of the issued share capital of the Company had been notified to the Company:

Holder Ordinary shares of 50p % of issued share capital
1798 Volantis 41,179,441 22.19%
Harwood Capital 23,000,000 12.39%
Artemis Investment Management 16,648,688 8.97%
Schroder Investment Management 15,330,863 8.26%
Mr Richard I Griffiths 13,737,245 7.40%
AXA Investment Managers 11,441,177 6.16%
Hargreave Hale 10,213,126 5.50%
Aviva Investors 10,209,418 5.50%
Bank of America Merrill Lynch 8,754,430 4.72%
Total of substantial shareholdings 150,514,388 81.09%

1798 Volantis was taken over by Lombard Odier and was previously Henderson holding

Richard Griffiths now owns 7.4% and may be keen to have another go at acquiring SPO

[nod] 20/10/2017 19:43

Henderson and Lombard Odier appear to be under the same control.Henderson has long held over 28% and in April transferred 25% to Lombard. Henderson then grew its own holding.From April RNS "Transfer of accounts managed on a discretionary basis by Henderson Group Plc to Lombard Odier Investment Managers group"The non-insti holders were Newby Manor / Sulby (Hemming) and Richard Griffith the Canadian behind last year's bid.

[van zandt] 20/10/2017 10:54

Hi all, we are in interesting time!

Interesting movement of shares in recent months?
CANACCORD GENUITY LIMITED and their connection to Hargreave Hale Limited who have since September increased their holding in SPO. No conflict of interest I suppose.

Source: FT
Institutional shareholders
90.38%Per cent of shares held by top holders
Holder Shares % Held
Lombard Odier Asset Management (Europe) Ltd.AS OF 07 JUN 2017 44.44m 23.94%
Harwood Capital LLPAS OF 28 JUN 2017 23.00m 12.39%
Artemis Investment Management LLPAS OF 02 MAR 2017 19.93m 10.74%
Schroder Investment Management Ltd.AS OF 02 MAR 2017 17.75m 9.56%
Henderson Global Investors Ltd.AS OF 04 SEP 2017 17.26m 9.30%
AXA Investment Managers UK Ltd.AS OF 04 SEP 2017 11.44m 6.16%
Hargreave Hale Ltd.AS OF 18 SEP 2017 10.01m 5.39%
Aviva Investors Global Services Ltd.AS OF 16 JUN 2017 9.86m 5.31%
Merrill Lynch, Pierce, Fenner & Smith, Inc. (Invt Mgmt)AS OF 04 SEP 2017 8.75m 4.72%
Norges Bank Investment ManagementAS OF 30 MAR 2017 5.32m 2.87%



Holder Shares bought Shares held
Harwood Capital LLP -- 23.00m
Artemis Investment Management LLP +6.49m / +48.24% 19.93m
Henderson Global Investors Ltd. +5.60m / +48.08% 17.26m
Legal & General Investment Management Ltd. -- 2.77m
Hargreave Hale Ltd. +2.34m / +30.45% 10.01m
Holder Shares sold Shares held
AlphaGen Capital Ltd. -39.42m / -100.00% 1.00
Lombard Odier Asset Management (Europe) Ltd. -1.82m / -3.92% 44.44m
Barclays Bank Plc (Private Banking) -861.00k / -100.00% 0.00
Norges Bank Investment Management -811.98k / -13.25% 5.32m
Schroder Investment Management Ltd. -600.00k / -3.27% 17.75m
Data from 31 Dec 2016 - 30 Sep 2017

Artemis Investment Management LLP have reduced their holding, as have Lombard Odier Asset Mgt (Eur) Ltd.
As ever regards
VZ

PS: as for eventual shire price??

[nod] 20/10/2017 10:31

On the Littlewoods compound interest claim. SPO's case is reliant on that decision.The Supreme Court judges returned this week and a bunch of judgments were released on Wednesday. Not Littlewoods judgment yet.If the judgment, when released, is in favour of Littlewoods then this adds to the value of SPO. A buyer of SPO will simply hire barristers to complete their own claim.

[o1dsmokie] 20/10/2017 08:26

Something is wrong, normally after such an announcement the share price shoots up, 30/40% isn`t
unusual, looks like we have some baggage the interested parties don`t like?

[trentendboy] 19/10/2017 19:29

4 potential buyers - could mean a bidding war so hopefully further to go

[o1dsmokie] 19/10/2017 14:31

This remind me of a wet bonfire night- a damp squib.

[o1dsmokie] 19/10/2017 14:05

Maybe they have given up hope on that one?

[o1dsmokie] 19/10/2017 13:35

Not a lot of excitement around though?

[nod] 19/10/2017 12:06

Here we go. What price for the regulated USA casino licences and the horse racing tote in USA States and many regulated countries.

[o1dsmokie] 19/10/2017 11:58

Wakey wakey its takeover time!

[nod] 06/10/2017 02:00

ZOO Digital Appoints Sportech Finance Chief Kalifa Non-Executive LONDON (Alliance News)
Alliance News5 October, 2017 | 11:32AM Email Form

Content subtitling company ZOO Digital Group PLC said on Thursday it had appointed Mickey Kalifa as non-executive director with immediate effect.

Kalifa, a chartered accountant, is currently chief financial officer at Sportech PLC, a position he is leaving on October 31. Prior to Sportech he had served in a number of executive and finance director roles at other media companies including Liberty Global PLC, Sky PLC, and Walt Disney Co.

[trentendboy] 02/10/2017 06:41

Sounds good to me.Finkle, yes but if they own shares they reap the benefit and it could be endogenous.I.e. TO only happens if they leave

[finkie] 30/9/2017 10:44

Trent agreed but why bail now wait until you can negotiate a nice settlement from takeover 🤔

[trentendboy] 30/9/2017 10:06

Correct, but at what price will it be sold....£1.20 I suspect which gives a nice return on current price

[finkie] 30/9/2017 08:34

Overall this doesn't feel positive here, key personnel leaving so that probably suggests a takeover isn't in the offing. The computer issues could be expensive, pen rose sold shares at ninety five pence so presume that means he didn't see momentum in price? Any thoughts? When does the interest on vat money get paid? Thanks

[nod] 30/9/2017 04:09

VZ,
My bet is the software upgrade has proved to be very difficult for Sportech. The reasons are usually due to complex legacy code that rarely gets changed or looked at and/or a key programmer who knew this area of code has left the company since the last change, which could have been many years ago.

Either way, it would indicate the tax rules are hard-coded in Sportech's system. It's not a biggie but means a lot more testing and a higher risk of introducing errors.

[van zandt] 29/9/2017 17:42

nod,

Thanks for your post. I agree with you concern.

I must say I find the contents troubling and somewhat worrying.

I can't see any advantage to rivals spreading false propaganda even as a short term game for them, that could be so easily disproved by a statement from Sportech PLC.

I can think of two reasons paper work of a quick buyout already well underway or the software updating has gone not as it should have?

Regards as ever,
VZ

[nod] 27/9/2017 20:55

"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."SPO probably knows conceptually what their strategy is but needs to line things up. They have had plenty of time to discuss this since Pools Wass sold.A possibility is a move to Nasdaq now that they are mostly a US business. Possibly a takeover. Possibly a US partner.An update in November may be just after (or just before) the Supreme Court ruling on Littlewoods compound interest.