Sportech (SPO) has announced plans to return £36m surplus cash to shareholders by way of a tender offer, at 40p for up to 47% of the issued share capital. Assuming the offer is all taken up, SPO will be left with 100m shares outstanding. The deal requires court approval to create the necessary distributable reserves. SPO also announced that it was in discussions to sell its terrestrial lottery business for ca.$14m. The potential upside from the newly agreed sports betting deal in Connecticut (CT...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Feature article: Good jobs come to those who IPO - The importance of going public We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a net-zero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. One soci...
Sportech (SPO) has contracted to sell its largest business, Global Tote, its Bump 50:50 raffle business and a freehold property in Connecticut (CT) for a combined net ca.£36m. All the transactions are expected to complete in the first half of 2021, leaving SPO with the venues business and a lottery franchise, as well as a £33m pile of cash net of other financial liabilities. The final piece of the jigsaw is its role in the deregulation of sports betting in CT, which is uncertain but could provid...
Sportech (SPO) supplies betting systems to over 400 clients in 38 countries, including the world’s most widely deployed Tote solution. It has an exclusive licence to operate betting in Connecticut (CT) and is well placed to benefit from eventual legalisation of sports betting in the state. It also has a fast-growing charitable raffle business. The business has been interrupted by COVID-19, but has proved resilient, especially through online channels. There are opportunities to improve margins by...
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