Sportech exits LSE and begins trading on AIM
Supplier shifts stock markets to better reflect size and strategy following economic impact of Covid-19
Sportech began trading on the AIM this morning after shifting its shares from the London Stock Exchange.
The company delisted from the primary London market and elected to list on the junior market following financial difficulties as a result of the Covid-19 pandemic.
In April, Sportech posted a 41% year-on-year decrease in revenue for 2020, falling from £33.6m to £20m.
The move to the AIM was approved by more than 99% of shareholders, with Sportech stating the junior market was more suited to the company’s current size and strategy.
The shift will see 188,751,257 ordinary shares of 20p listed. The anticipated proportion of shares not in public hands on AIM admission was 41%.
Peel Hunt served as the adviser and broker for Sportech’s transition to the AIM.
The listing on the AIM follows Australian betting firm BetMakers’ £30.9m all-cash takeover of Sportech’s tote business in June.