5th Oct 2023 10:20
(Alliance News) - Sportech PLC on Thursday said that an overwhelming majority of shareholders who cast their shares at a general meeting voted in favour of re-registering Sportech as a private limited company.
The Edinburgh-based company reported that almost 100% voted in favour of the cancellation of Sportech's shares from London's AIM market, which will occur on October 17, and to re-register as private company.
The re-registration will occur in the week starting October 23.
Edinburgh-based Sportech runs sports bars and other betting venues in Connecticut. It also offers online gaming in the northeastern US state via mywinners.com and pari-mutuel betting online across all of the US via 123.bet.com.
In September the company had cited substantial financial costs associated with maintaining a public listing as reason for the planned delisting, as it said that pretax loss in the six months to June 30 narrowed to GBP304,000 from GBP802,000 a year prior. Further, it had said that increasing volatility in the market valuation was adversely impacting its net returns and future prospects.
Sportech shares traded 0.2% lower at 71.28 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.