Sportech Share Discussion Threads

[nod] 15/3/2018 08:01

That's right, we've never owned any bookies.As you claim to know the current worth of the bookies is a million, perhaps you could let us in on the secret and tell us who.

[stephen1946] 15/3/2018 07:56

Penrose stormed off and left this mess for others to investigate. Sportech cannot be sold as ONE ENTITY, the only option is, break up and sell, piecemeal, A FIRE SALE.

This is a disaster and those in control should never be put in charge of any thing other than marbles. Hemmings is a brickie, nothing else.

[stephen1946] 15/3/2018 07:03

really?? Spo never owned any bookies?? you are quite remarkable.

just stop ramping this rubbish, holders need to sell before suspension, or do you seriously believe that you have heard the extent of the missing cash??

The next announcement will send this into liquidation, SMOKE and MIRRORS was all this ever was.

Directors and Owner were the only ones to benefit. FCA should happen here, then the serious crime squad.

[nod] 15/3/2018 00:03

Sportech has never owned any bookies ??

[runthejoules] 14/3/2018 22:31

Thank goodness I made the right decision for once and sold out last week wondering whether it would even sell, or if so for more than 80p.

Sadly a while earlier I also sold out of BUR, never mind!

[van zandt] 14/3/2018 22:11

Do I own an apology to anyone on this BB maybe, if so take it. But, most certainly not anyone in SPO or anyone of the Big Four until certain accounting practices carry a criminal irresponsibility statute we will continue.

‘I’ll be Here in the Morning’ by the late and great T.V.Z.

As ever regards
VZ

PS: I wonder what my relations are doing in Connecticut right now one of them used the Mayor of a nice little town there.

[nod] 14/3/2018 21:08

Sportech has been under new leadership since 18 September. Existing Board members took over as Acting CEO and CFO, these being Richard McGuire and Richard Cooper. Richard Cooper was Chair of the Audit Committee i.e. checked the accuracy of the books. They remained Acting while undertaking a strategic review and then a sale by tender process. Obviously the Current leadership have had plenty of time, years in fact, before today to consider the valuation of assets. The only reason to do this today is to assist the incoming executives to begin management from a low base, including a low share price. Don't be surprised by the award of options in a month or two at say 45p or 50p. There is nothing unusual in what we have seen today.

[nod] 14/3/2018 18:58

Think of it as selling a house. You value your house at 1 million. A buyer says they will pay 600k. You will only sell if you think an offer is fair value. You are not forced to sell, so don't. You need somewhere to live. The situation is complicated because your house is in another country, the USA, and the authorities would need to agree the buyer can live there, and issue the buyer a Permit. This greatly reduces the number of eligible buyers.

[noujay] 14/3/2018 18:32

So basically having done due diligence the prospective buyers have determined that it's not fit for sale in its current guise/valuation.They will ring the changes, see how the next couple of quarters trading goes and with a bit of luck get some fresh momentum off the back of a successful PASPA repeal.Even with all that I find it hard to imagine the share price will rise to much more than it was at this time yesterday.

[nod] 14/3/2018 18:28

It's not unusual to have impairments and write-offs with a change of both CEO and CFO. This gives them a much lower starting point and after one year they can say how well they've done improving the Balance Sheet and assets. There is no cash lost - it's a paper accounting exercise. There is more to come: "As part of the audit process, the Group is reviewing the accounting carrying value of its Cash Generating Units which may or may not lead to further impairments of a non-cash nature."

[finkie] 14/3/2018 10:08

Obviously very limited information and difficult to decipher the full extent but the company is still valued even today at £65m and they are talking about an impairment total of £8.5m i think, lets say that doubles to £17m its still dealable with in my view but clearly they are discredited now and it needs to be offloaded and rebranded.....ive made enough money out of SPO not to be unduly worried here and only hold 25,000 now so i think i will sit tight, the boat has been missed but lets see what unfolds in April.

Cheers

[stephen1946] 14/3/2018 09:39

This is now a FIRE SALE. Dont listen to rampers, assets will be sold piecemeal, the only people to benefit will be the owners/directors.

Get out now, at any price, the alternative is, SUSPENSION and NOTHING.

[brownie69] 14/3/2018 08:24

Penrose is not hugely sucessful. He owersaw this. With a BOD asleep at the wheel.

You were warned well over a year ago. Post 2210 and various stephen 1946 posts. Sorry for anyone here who has lost money as a result of a possibly criminal accounting fraud.

This company is a mess. A group of disparate badly run businesses with a recently departed spin doctor at the head.

Not going to realise anything like the expectation created.

[nod] 14/3/2018 07:35

With The Football Pools we went through a sale process three times with two aborted bids before a sale. I would rather accept a good price than a poor price. This is also like the VAT Claim where we had a good year followed by a bad year (repeat) - thankfully ending with great news and we got to keep the cash. We can now focus on contracts and growth. Bump was a good acquisition - a few more bolt-on acquisitions would be good. We have a lot of cash in the bank. We are a North American business now and that's reflected in our Execs.

[stephen1946] 14/3/2018 07:23

It was always going to happen. look at the owners, they have history.

Why else would the hugely successful wonderboy Penrose jump ship?

DUMP EM.

[o1dsmokie] 14/3/2018 07:18

What a waste of time that was then.

[o1dsmokie] 14/3/2018 07:03

This has been stinking for months now!

[miti 1000] 14/3/2018 06:58

lol nod...wishful thinking!!

[bookbroker] 14/3/2018 03:44

Look at the share register, and Richard Griffiths crops up again, taken a haircut in several other companies!

[nod] 13/3/2018 22:20

It seems that Sky News first reported the issue which has since been mentioned by many web sites. Possibly an issue uncovered during due diligence. As long as it's not fraud, an irregularity should not affect the sale price by much.https://www.juicebrighton.com/news/uk-business-news/pool-betting-firm-sportech-scares-the-horses-with-profit-alert/"The listed pool betting group Sportech will shock investors by unveiling a profit warning on Wednesday morning, even as it continues talks with potential buyers of the company.Sky News has learnt that Sportech, the former owner of the Football Pools business, will disclose in a stock exchange announcement that full-year earnings will be materially impacted by accounting issues uncovered by its board.The nature of the accounting issues to be highlighted by Sportech was unclear on Tuesday evening."The announcement will come six weeks before the company is due to announce preliminary results for last year.

[trentendboy] 13/3/2018 20:40

Sucks if true. Missed selling but all seems a little odd. Rumours like this should not emerge.Gulp

[noujay] 13/3/2018 20:06

Few larger trades over the past couple of days nudging it down just below the established range whilst awaiting news is quite telling