Sportech’s CEO And CFO Resign

Business News

Both the chief executive officer and chief financial officer of online gambling and entertainment company Sportech PLC have resigned, the company said Monday, as it undertakes a “comprehensive” review of the business and the capital structure.

Sportech didn’t say how or if Penrose will be replaced, but said Richard Cooper, the chair of the board’s audit committee, will assume oversight of the finance function.

Sportech said as part of their successful turnaround, Penrose and Kalifa secured GBP97.0 million gross receipts from a value added tax litigation case, modernised and sold the Football Pools for GBP83.0 million, repaid GBP65.0 million in debt, and returned GBP21.0 million to shareholders with a “substantial” distribution to follow from the company’s net current assets of GBP64.0 million as at June 30.