Stock Market News
Sportech agrees terms for sale of Dutch business
(WebFG News) - Online gambling and entertainment group Sportech has agreed terms with RBP Luxembourg regarding the disposal of its Dutch business, Sportech Racing BV, for up to 3.25m.
Sportech secured a new five-year licence in June 2017 for the exclusive rights to carry out tote betting on horseracing in the Netherlands. This licence is operated in nine betting shops, 38 other outlets with point-of-sale terminals and online.
The proposed disposal is subject to local regulatory consent and the transfer of various agreements and licences from certain Sportech group entities to Sportech Racing BV. The company said there can be no certainty the sale will complete and a further announcement will be made in due course.
Chief executive officer Andrew Gaughan said: "The proposed disposal represents an attractive opportunity to realise value following the successful licence extension and restructuring of the business by management as we increase focus on US growth opportunities.
"Sportech will continue to provide RBP, under a long term contract, its ongoing tote services and also has a strong working relationship with them focused on developing and selling their French racing pools into our vast footprint of global customers."
At 1030 BST, the shares were down 2.2% to 63.58p.
Sportech secured a new five-year licence in June 2017 for the exclusive rights to carry out tote betting on horseracing in the Netherlands. This licence is operated in nine betting shops, 38 other outlets with point-of-sale terminals and online.
The proposed disposal is subject to local regulatory consent and the transfer of various agreements and licences from certain Sportech group entities to Sportech Racing BV. The company said there can be no certainty the sale will complete and a further announcement will be made in due course.
Chief executive officer Andrew Gaughan said: "The proposed disposal represents an attractive opportunity to realise value following the successful licence extension and restructuring of the business by management as we increase focus on US growth opportunities.
"Sportech will continue to provide RBP, under a long term contract, its ongoing tote services and also has a strong working relationship with them focused on developing and selling their French racing pools into our vast footprint of global customers."
At 1030 BST, the shares were down 2.2% to 63.58p.
Related share prices |
---|
Sportech (SPO) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price