The betting technology business Sportech has begun trading ordinary shares on the London Stock Exchange sub-market.
UK.- The Bristol-based betting technology company Sportech has begun trading shares on AIM, the sub-market of the London Stock Exchange for small and medium-size growth companies.
The company began trading yesterday (July 28) at a price of £0.20 after switching from the Financial Conduct Authority’s Official List. It made the change to gain “greater flexibility” for corporate transactions, allowing the business to agree and execute transactions faster and with improved cost-effectiveness.
A proposal to switch to AIM was approved at Sportech’s general meeting on June 29. It has cancelled the admission of ordinary shares to the Financial Conduct Authority’s Official List and the London Stock Exchange’s Main Market.
Last month, Sportech completed the sale of its racing, tote and digital business to Australian supplier BetMakers Technology Group for £30.9m. That saw BetMakers take over Sportech’s Global Tote business, which provides pari-mutuel technology and services for horseracing betting operators globally.
Earlier this year, Sportech reported a 41 per cent fall in revenues in 2020 to £45.7m, down from £64.7m in 2019. However, the company highlighted that its performance was better than initially forecast in March 2020. It said the decline was due to the impact of Covid-19.