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FinancialLegal & Regulatory

Sportech prefers AIM over London Stock Exchange

On Friday 4 June, Sportech announced it is planning to stop trading on the main market of the London Stock Exchange (LSE) and instead join the AIM market.

lse

The betting company plans on cancelling its ordinary shares of £0.20 ($0.28) each from the official list of the Financial Conduct Authority (FCA).

Sportech directors believe the AIM market is more suited to the company’s current size and strategy; according to the board, AIM can offer greater flexibility in terms of corporate transactions.

The board believes AIM can allow Sportech to agree and execute certain transactions more quickly and cost effectively than companies listed on the FCA’s official list.

Under current rules, to delist from the LSE, Sportech must gain approval of no less than 75% of its shareholders, who can vote in person or through a proxy at a general meeting.

In accordance with this rule, Sportech is planning to hold a general meeting at its offices in Edinburgh during the early hours of 29 June.

It hopes to seek approval and meet the 75% threshold set out in the rules.

In a statement, Sportech said it will be posting details of the proposed delisting, AIM admission and a notice of the general meeting of shareholders.

The post will be sent out to each of its shareholders and is set to additionally be published on its website.

Recently, Sportech announced its financial report for the full year of 2020. Affected by the Covid-19 pandemic, revenue dropped from £34m to £20m, though adjusted EBITDA improved and cash effective units grew.

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