Sportech confirms receiving proposal from Contagious Gaming
Any recommended offer from Contagious Gaming, if made, would be at a premium to Sportech's current share price of 62.63p as at 13 August 2015 and would comprise a majority in cash and the balance in new Contagious Gaming shares.
In addition, Sportech shareholders would also receive approximately half of the net proceeds in the event of a successful VAT repayment claim* on the "Spot the Ball" game, with the balance going to the then enlarged Contagious Gaming group.
The proposal is subject to due diligence, Contagious Gaming raising suitable financing and Contagious Gaming receiving a significant level of support for the proposal from Sportech shareholders.
In the meantime, Sportech shareholders are advised by the Board to take no action. There can be no certainty that any formal offer for the Company will be forthcoming, nor as to the terms of any such formal offer.
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