Sportech Plc has confirmed the sale of its 50% stake in SNG Interactive to joint venture NYX Gaming for a reported £12 million sum.
Sportech has disclosed that it will receive £5.2 million in cash for its sale, with an additional 2.2 million in NYX Gaming corporate shares which have been valued at £5.2 million. Furthermore the operator will receive a differed consideration £1.6 million.
The operator expects to generate a pre-tax profit of £8.8 million on its sale. Sportech CEO Ian Penrose commented on the sale of the SNG interactive joint venture
“We are pleased to have reached this agreement with NYX, generating a significant return for the group in a short space of time.”
“The structure of the deal enables us to reinvest in our US growth activities in the sports gaming market, whilst retaining a material stake in the future of online casino gaming in North America. NYX is endeavouring to build a market leading position and we look forward to sharing in this opportunity with them”
The sale of its joint venture stake, follows Sportech’s announcement that it had rejected a £75 million offer for its Football Pools from an unknown bidder
Showing posts with label Sportech. Show all posts
Showing posts with label Sportech. Show all posts
May 28, 2015
January 04, 2010
Sportech agrees new deal with Lloyds
Gaming group Sportech has agreed revised banking facilities of 90.75m with Lloyds, comprising 87.75m of term loans and 3.0m of working capital.
The group's net debt at 18 November amounted to 81.5m.
Its new agreement includes amendment of the maturity date on the senior term loan facility to 30 June 2013 and extension of the maturity date on the working capital facility to 30 December 2010.
Key financial covenants of the revised facilities have been adjusted to provide greater headroom until the end of the term. Part of the revised term loan will be available to finance business development opportunities.
CEO Ian Penrose said, 'We now have in place robust facilities, which allow the group to pursue both organic and development opportunities.'
The group's net debt at 18 November amounted to 81.5m.
Its new agreement includes amendment of the maturity date on the senior term loan facility to 30 June 2013 and extension of the maturity date on the working capital facility to 30 December 2010.
Key financial covenants of the revised facilities have been adjusted to provide greater headroom until the end of the term. Part of the revised term loan will be available to finance business development opportunities.
CEO Ian Penrose said, 'We now have in place robust facilities, which allow the group to pursue both organic and development opportunities.'
November 07, 2008
Sportech profits dip; distribution agreements to drive continued growth
Sportech has announced in a five-month trading update that it anticipates full-year pre-tax profit for 2008 to dip below current market expectations due to the cost of launching its online football business and the migration of its non-football content to the 888 platform.
However, the company said the figure would represent a considerable increase on last year’s performance, and said it was confident of building on the “significant progress” made over the five-month period from July to September 2008, which saw the company become a net recruiter of customers “for the first time in recent history.”
Having recruited more than 15,000 customers to its online football business in the 11 weeks since the start of the football season, the company said it expected this trend to continue next month when a selection of its games goes live across the Ladbrokes betting shop estate, and from January 2009 to the 4.9m registered customers of 888.com.
Looking ahead, the company said that with “many of the challenging operational and financial initiatives completed”, it believed its position “as a high-volume, small-value ticket gaming business” placed it in on advantageous footing to weather any economic downturn.
The company also announced today that it had undertaken a “strategically important” acquisition of football community website 4thegame.com for £600,000, with the aim of using the site to cross-sell and market the full suite of Sportech football games.
However, the company said the figure would represent a considerable increase on last year’s performance, and said it was confident of building on the “significant progress” made over the five-month period from July to September 2008, which saw the company become a net recruiter of customers “for the first time in recent history.”
Having recruited more than 15,000 customers to its online football business in the 11 weeks since the start of the football season, the company said it expected this trend to continue next month when a selection of its games goes live across the Ladbrokes betting shop estate, and from January 2009 to the 4.9m registered customers of 888.com.
Looking ahead, the company said that with “many of the challenging operational and financial initiatives completed”, it believed its position “as a high-volume, small-value ticket gaming business” placed it in on advantageous footing to weather any economic downturn.
The company also announced today that it had undertaken a “strategically important” acquisition of football community website 4thegame.com for £600,000, with the aim of using the site to cross-sell and market the full suite of Sportech football games.
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