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Sportech PLC

Sportech PLC - Possible Offer for Sportech

RNS Number : 4954E
Sportech PLC
06 November 2020
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.

FOR IMMEDIATE RELEASE.

 

THIS ANNOUNCEMENT IS NOT AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND THERE CAN BE NO CERTAINTY THAT AN OFFER WILL BE MADE.

 

FOR IMMEDIATE RELEASE.

 

6 November 2020

 

Sportech plc

("Sportech" or the "Company")

 

Possible Offer for Sportech

 

The Board of Sportech notes yesterday evening's announcement by Standard General L.P. ("Standard General").

 

The Board confirms that it received two approaches from Standard General about a possible cash offer for Sportech, initially at 25.0 pence and subsequently at 28.5 pence per Sportech share.

 

The Board unanimously rejected Standard General's latest proposal, which it believes fundamentally undervalues Sportech's businesses and prospects.

 

In accordance with Rule 2.6(a) of the Takeover Code, Standard General is required, by not later than 5.00 p.m. on 3 December 2020, to either announce a firm intention to make an offer for Sportech in accordance with Rule 2.7 of the Takeover Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Takeover Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Takeover Code.

 

This announcement has been made without the approval of Standard General.

 

- Ends -

 

For further information please contact:

 

Sportech plc

Richard McGuire, Chief Executive Officer

Tom Hearne, Chief Financial Officer 

Tel: +44 (0) 117 902 9000

 

 

 

Peel Hunt

Tel: +44 (0) 20 7418 8900

George Sellar / Michael Nicholson

 

 

Buchanan

Tel: +44 (0) 20 7466 5000

Henry Harrison-Topham / Jamie Hooper

sportech@buchanan.uk.com

 



 

Publication on a website

 

In accordance with Rule 26.1 of the Code, a copy of this announcement will be available at https://www.sportechplc.com/investors/. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 

Rule 2.9

In accordance with Rule 2.9 of the Code, the Company confirms that as at the date of this announcement, it has in issue 188,751,257 Ordinary Shares with a nominal value of £0.20 each. The International Securities Identification Number (ISIN) of the Ordinary Shares is GB00B28ZPV64

 

Disclosure requirements of the Code

 

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified.

 

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

 

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

 

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

 

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

 

 Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

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