Sportech pays £54m to shareholders

Business News

Sportech has completed its capital reduction plan and declared a distribution of 29p per share in cash amounting to £53,828,131.

The distribution follows the sale of The Football Pools business, completed in June 2017 and the subsequent approval of the company’s application to reduce its capital by approximately £55.7 million by the Edinburgh, Court of Session this week.

The distribution will be made to those shareholders on the register on 24 November 2017 and paid on 18 December 2017.

Richard McGuire, non-executive chairman of Sportech, said: “We previously announced that the Company would be making a significant distribution to its shareholders and I am pleased to formally announce that we will be distributing almost £54 million to shareholders in December.

“This follows the £21 million returned in March this year via a share buyback, taking total shareholder distributions to £75 million in 2017, further illustrating the turnaround in the company’s financial position over the last 12 months.

“The board are also continuing with the formal sale process as outlined earlier this month and we will update shareholders further at the appropriate time.”