British pools betting innovator Sportech has announced that it will be launching a wide-ranging review of its business and capital structures following news that two of its top executives are to step aside.
The London-listed firm revealed that Ian Penrose is to resign as its Chief Executive Officer from December 31 while Mickey Kalifa will be leaving his Chief Financial Officer post at the end of October to be replaced by Richard Cooper, currently Audit Committee Chairman for Sportech.
Sportech, which now has a presence in over 30 countries and processes above $11 billion in wagers every year, inked a deal last month to provide parimutuel technologies and services to Denmark’s Dansk Hestevæddeløb ApS and declared that the assessment is to consider “all options” that will “optimize value for the benefit of shareholders”.
“We would like to thank Ian for the tremendous job he has performed at Sportech,” read a statement from Richard McGuire, Non-Executive Chairman for Sportech. “He presided over the transformation of the company from a United Kingdom-focused business into a respected [and] fully licensed and regulated global gaming technology supplier and gambling operator in the United States with a strong balance sheet.”
The London-based sports gaming and technology firm proclaimed that the review follows “a successful turnaround” in its business under the leadership of Penrose and Kalifa in which it secured approximately $131.4 million from a value-added tax (VAT) litigation case before modernizing and selling off its Football Pools business. The company additionally stated that recent months have witnessed it repaying debts of around $88.1 million and returning some $28.4 million to shareholders.
“Mickey led a remarkable transformation in the company’s financial strength as Chief Financial Officer and previously when Corporate Development Director in prominently driving Sportech’s global expansion,” read the statement from McGuire. “On behalf of the board, I would like to thank him for his work over many years and wish him continued success in the future.”
Sportech explained that it held net assets at the end of June of around $86.7 million while McGuire explained that he is to lead the strategic review in order to make certain “the best path forward is delivered for shareholders”.