After last month launching a wide-ranging review of its business and capital structures, British pools betting innovator Sportech has now announced that it is open to serious offers for the entirety of its operation.
London-listed Sportech has a presence in over 30 countries and initiated a strategic review on September 18 following the decision from Ian Penrose to resign as its Chief Executive Officer at the end of the year. This move was soon followed by Mickey Kalifa announcing that he would be standing down as the firm’s Chief Financial Officer from October 31 to be replaced by current Audit Committee Chairman Richard Cooper.
Sportech explained that it has appointed Canaccord Genuity Limited to serve as a financial advisor and was continuing to consider ‘all options to maximize value for shareholders’. However, it declared that it had additionally launched an ‘offer period’ and was now open to engaging in ‘formal sale process’ discussions with any and all interested third parties.
“While we note there is no certainty that an offer or suitable offer will be forthcoming, our confidence in our businesses, in our growth opportunities and in our dedicated professional colleagues means that a potential sale is only one of the strategic options open to the company,” read a statement from Richard McGuire, Non-Executive Chairman for Sportech.
Sportech proclaimed that parties interested in purchasing its business should contact Canaccord Genuity Limited before revealing that it has retained the right to ‘alter or terminate the process’ along with any associated discussions ‘at any time’.
Moving forward, Sportech stated that its trading update of November 9 is expected to include ‘a further update’ on the ongoing strategic review while it only intends to make further announcements regarding a sale ‘when appropriate’.