Betting technology business Sportech has commenced trading its ordinary shares on the AIM, the sub-market of the London Stock Exchange.
Shares began trading today (28 July) on the AIM at a price of £0.20 (€0.24/$0.28) after the business switched from the Official List.
Last month, Sportech proposed the switch, saying the AIM would offer “greater flexibility” in regards to corporate transactions and also enable the business to agree and execute certain transactions more quickly and cost effectively.
The proposal was approved at Sportech’s general meeting on 29 June and the switch came into effect from today.
In line with trading on the AIM, Sportech has cancelled the admission of its ordinary shares to both the Official List of the Financial Conduct Authority and on the Main Market of London Stock Exchange.
The switch comes after Sportech last month completed the sale of its racing, tote and digital business to Australian supplier BetMakers Technology Group.
The agreement, worth £30.9m (€36.3m/$42.9m), sees BetMakers take control of Sportech’s Global Tote business, which provides pari-mutuel technology and services to horse race betting operators around the world.
