The governance of Sportech Plc has proposed that the racing and wagering systems supplier move its public listing from the London Stock Exchange (LSE) to the London AIM.
The switch to the smaller London AIM has been branded as a better strategic option for Sportech considering its size, allowing the technology firm to “agree and execute certain transactions more quickly and cost-effectively”.
The listings switch was announced as a measure of Sportech’s AGM, and will require a 75% approval by existing company shareholders.
Operating since 1995, the London AIM exchange was established as the ‘small cap’ alternative investment market to the LSE, designed to help smaller enterprises secure investment through public options.
Full-year 2020 trading saw Sportech declare statutory corporate losses of £12.9 million, attributed to COVID-19 pandemic headwinds severely impacting global horseracing events and fixtures.
The firm continues to pursue its transformation objectives, in which the company has increased its cash balance to a reported £17 million following the sale of its Global Tote business to BetMakers and Bump 50:50 in-stadia wagering unit to the Canadian Banknote Company.
Navigating a tough 2020, CEO Richard McGuire underscored the firm’s long-term growth strategy of maintaining focus on the firm’s earnings effective units, in which Sportech seeks to enlarge its technology footprint within US racing.