Sportech Share Discussion Threads

[van zandt] 29/3/2018 17:51

Not sure of the Hemming's effect, I think he was long out of the picture and may well be more to do with medium term influence of the changes due in the States and elsewhere outside the UK.
As ever regards,
VZ

[stephen1946] 29/3/2018 16:35

Alternatively, buyers are returning now that Hemmings has gone.

[finkie] 29/3/2018 16:28

major holding in the stock from companies eager to take over the position SPO holds......good news eh stephen1946 ;-))))))

[van zandt] 29/3/2018 16:17

Idea's what is the cause of the sudden movements
as ever regards
VZ

[nod] 28/3/2018 03:58

Online gaming, sports betting could get a shot this legislative session

Published March 24. 2018 6:14PM | Updated March 25. 2018 9:31PM
By Brian Hallenbeck Day staff writer

At a March 15 hearing in Hartford, hours and hours of testimony were devoted to a bill that could lead to another casino in the state. But it's other gambling-related legislation that may have a better chance of passing.

In fact, the bill that’s most likely to fly may be one that calls for the hiring of a consultant to study the impacts of all forms of existing gambling in the state and recommend a strategic plan for possibly authorizing more casinos, sports betting, online gaming and sports fantasy contests.
“That’s really the most logical first step,” Rep. Joe Verrengia, the West Hartford Democrat who co-chairs the Public Safety and Security Committee, said last week in a phone interview. “To me, that one's a no-brainer.”

Verrengia said it’s hard for part-time legislators to master the complexities surrounding legalized gambling and he believes they need to have access to independent experts and their analyses.

In addition to approving the casino-expansion bill Verrengia’s committee also forwarded to the House of Representatives the bill calling for a gambling study and one calling for the regulation of sports betting. Connecticut is among a number of states that expects the U.S. Supreme Court to soon lift a federal ban on such wagering.

More:

[nod] 27/3/2018 19:13

The new CEO, announced on 14 March, has been running the core business since 2010 and has been based in Toronto. It was stated on the 14th that the new CFO, when appointed, will be based in North America.This is all leading to a delisting of SPO from London and a fresh listing in North America, either Nasdaq or Toronto exchange.

[nod] 27/3/2018 18:55

Trevor Hemings, age 82, sold the last of his SPO shares on Monday at 44p.He was involved in the financing of SPO in 1999/2000 along with Bank of Scotland.

[brownie69] 27/3/2018 17:53

Nod, who do you think you are kidding?

I just hope your pay masters are able to keep paying you.

The outstanding issue re impairments just shows that the new CFO is not confident that all the bad news is out. No amount of deflection can hide that fact.

[nod] 22/3/2018 21:12

There were only 21 trades today with four of those being in two matched pairs of over 300k each. I would guess they are bed & breakfast trades by large holders ahead of the tax year end.

[nod] 18/3/2018 04:16

Business goes on for Sportech.
There are at least regular discussions about legalising Sports Betting in some USA States such as CT. $$Billions are wagered in each State "illegally" underground which is what happens with prohibition No taxes are paid - neither betting levies nor business profit tax; there is no regulatory protection for customers while it's all done underground.

Sportech Venues Inc., the operator of 16 parimutuel betting parlors across Connecticut, lobbied lawmakers Thursday to legalize sports betting.

The UK-based company also wants a piece of the action, offering to assist in the implementation of a Connecticut sports betting industry, which would be created if lawmakers adopt House Bill 5307.

[nod] 17/3/2018 00:58

Holders left, if any, may be interested in these notes from the Annual Report delivered a year ago in March 2017.Sportech 2016 Annual Report (March 2017)– Balance sheet strengthened by £22.6m despite a detailed review of assets leading to a non-cash impairment of £63.7mThe Group has recognised various non-cash impairments to assets across the business, including £42.5m in the Football Pools, £17.2m in Sportech Racing and Digital and £4.0m in Sportech Venues. The impairments were identified through a review of the asset base of each division following the end of modernisation in the Football Pools business, the completion of a six-year road map of software and ancillary product development in Sportech Racing and Digital and a review of fixed assets in Connecticut.The [Audit] Committee considered internal reports from the Chief Financial Officer and the Group Financial Controller, together with the external Auditors' report in their half-year review and annual audit, in reviewing the Group's financial reporting function. The primary areas of judgement considered by the Committee in relation to the 2016 financial statements were: –the assumptions underlying impairment testing of the Group's goodwill and intangible assets; and–the carrying value of contingent consideration receivable in relation to NYX. The Audit Committee The Audit Committee of the Board currently comprises the Independent Non-executive Director, Richard McGuire, and the Chairman, Roger Withers, who also chairs the Committee.

[nod] 16/3/2018 23:32

It seemed like a high volume trading day for sleepy SPO but it was under 1% of shares. On the long-term volume chart this volume is barely visible because we've had far larger trading days, without a fall. The fall was dramatic because there were few buyers. The news release of unfinished adjustments generated uncertainty and anxiety, which markets hate. This was clearly a deliberate strategy by the execs, as I'm certain they know by now the value of their assets. The tabloid headlines in the morning and the next day were alarming and, as normal, grossly exaggerated. The situation is a shorters dream.

[van zandt] 16/3/2018 22:49

What is currently going on is very interesting. Before we have the unexpected trolls come back on this BB.

Let us have a look as to who will profit and how they might do it. Name your own villains

There has been a large volume shares traded for the last 2 days which also means they are being bought. The question is who are they being bought by? As we are no longer in need of 8.3s we won’t know for a bit who is building up huge positions at very very attractive cost.
If the accounts were at fault, for once doubtful due to the extended due diligence period. The directors indulging in mass fraud, again doubtful as a result of direct fraud.

So we must come to the timing of the announcement of impairment’s + if our employees the directors have/had in mind to reduce the share price to felicitate a management buy-out, move the company to another country like Canada or the good old US of A this could be very attractive to licence holders. Since the company can no longer be considered to be a British company due to its income streams and future prospects.

While impairment’s are used for well known accounting practices in the current case under discussion it is a particularly nasty use which I find gives a rip-off a good name.

The current volume of shares are not being re-traded so are they going into treasury? Doubtful.
As ever regards,
VZ

[trentendboy] 16/3/2018 20:35

Good posts nod

[nod] 16/3/2018 20:01

I'm disappointed with the news of impairments and write downs but more disappointed in the unfinished way the accounting adjustments have been presented to the market. I'm disappointed there was no bid acceptable to the company. I'm disappointed the share price fell to 30p at one point. The company warning that there may be more impairments to come is extremely disappointing and seems designed to get the share price down by deliberately creating uncertainty and anxiety. It worked. The directors have had ample time over the past six months of due diligence to complete their valuations and present the full picture. They said they had at least four potential bidders doing due diligence over these past five months. That's a lot of eyes on our books. So why could they not finalise their valuations before releasing bad news?

[nod] 16/3/2018 19:52

I fail see the relevance of whether a business unit owned 12 to 15 years ago was called a bookie or a casino. To me the Bet Direct business in 2003-2006 was a casino focused on developing its online casino, poker and sports betting products as well as using these skills on the joint venture with ITV to deliver interactive gaming through the TV. The long-running ITVi project was my main interest in SPO during these years because I worked in television for the State broadcaster in New Zealand. As I didn't live in or visit the UK during the ITVi 'live' period, I never actually saw the product before it was abandoned in 2006. I was also hopeful that SPO would win the tender for the uk national lottery. We were third favourites to win it, with incumbent Camelot being around even odds to retain the business. Today, we are where we are. Shareholders can hold or sell or add. These impairments don't actually use our cash. It's an accounting exercise to re-base the value of our assets. It will make the accounts look dreadful this year. However, in future years depreciation will be much less having taken a big hit this year. This is why companies take this action when top executives change. It improved future net earnings.

[brownie69] 16/3/2018 15:27

I'm astounded that some posters on here in the light of a circa 50% destruction in shareholder value can defend the company try and prestend these kind of writedowns are normal. The underlying reasons for writedowns were many fold which should demonstrate how Penrose ran this business and the lack of scrutiny from the Board.

Instead some posters try to shoot the messanger in the form of stephen1946 who was trying to save your capital! Then post lies about SPO not having ever owned a bookmaker etc. Clearly a company propoganda plant if ever I saw one. Incredible.

Even money Penrose faces fraudulent accounting charges.

[daniel levi bmd] 16/3/2018 13:05

FYI

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x

[nod] 15/3/2018 08:32

SPO had developed BET DIRECT in the early part of the century for sports betting and online casino. It had a take of around 150 million, gross profit of gbp 8 million and annual loss of around gbp 4.8 million. It was sold to 32red for 12.5 million in 2006.BET Direct was originally part of its ITV initiative to enable sports betting via TV. This was abandoned in 2006.

[stephen1946] 15/3/2018 08:21

SELL whilst you still can. Liquidation is next.

This is not possible to sell, as i said sometime ago when this sale was first mentioned, there is BOUND TO BE A BLACK HOLE SOMEWHERE.

[stephen1946] 15/3/2018 08:18

BET DIRECT ring a bell, ding dong??

[stephen1946] 15/3/2018 08:10

ED Ware ring a bell you ding dong?