Sportech aims to return £3.5m to shareholders following restructure

Finance News

Sportech on Monday said it is restructuring its share capital to reduce its current cost base and that it is declaring a special interim dividend.

The London-listed betting-technology company intends to declare a special 35 pence per new ordinary share payout after it rationalizes its capital structure, it said, noting it would consolidate its shares on a 10,000-to-one ratio followed by a subdivision of one for 1,000. The dividend would be equivalent to 3.5 pence for each existing ordinary share, it added.

The directors see the consolidation, which is subject to shareholder approval, as an efficient exit for minority shareholders holding less than 10,000 existing shares, it said.