March 14, 2018 / 7:20 AM / in 5 months

BRIEF-Sportech Concludes Talks With Interested Parties For Sale Unlikely To Result In Offer​

March 14 (Reuters) - Sportech Plc:

* UPDATE ON FORMAL SALE PROCESS AND TRADING

* SPORTECH PLC - ‍APPOINTMENT, WITH IMMEDIATE EFFECT, OF ANDREW GAUGHAN AS CHIEF EXECUTIVE OFFICER.​

* SPORTECH PLC - SPORTECH IS CONDUCTING A FORMAL SEARCH PROCESS FOR A GROUP CHIEF FINANCIAL OFFICER, TO BE BASED IN NORTH AMERICA.​

* SPORTECH - ENGAGED IN DETAILED DISCUSSIONS WITH INTERESTED PARTIES DURING COURSE OF SALE PROCESS, CONCLUDED THAT DISCUSSIONS WERE UNLIKELY TO RESULT IN OFFER​

* SPORTECH PLC - TRADING IN FIRST TEN WEEKS OF CURRENT FINANCIAL YEAR HAS BEEN FAIRLY CHALLENGING

* SPORTECH PLC - ‍CONFIRMS THAT IT HAS CLOSED FORMAL SEARCH PROCESS AND TERMINATED ALL DISCUSSIONS WITH INTERESTED PARTIES​

* SPORTECH - HAS IDENTIFIED A NUMBER OF WRITE-OFFS AND RESTATEMENTS WHICH REQUIRE TO BE MADE TO GROUP’S FINANCIAL STATEMENTS FOR YEAR ENDED 31 DEC 2017

* SPORTECH PLC - NOW ANTICIPATES THAT 2017 ADJUSTED EBITDA*, A NON-IFRS MEASURE, IS EXPECTED TO BE BELOW EXPECTATIONS AT AROUND £6.5 MILLION

* SPORTECH PLC - IN ADDITION, THERE ARE AROUND £8 MILLION (NET) OF EXCEPTIONAL ITEMS OF WHICH FOUR ARE HIGHLY MATERIAL

* SPORTECH - ‍DEPARTURE OF FORMER BOARD MEMBERS AND OTHER SENIOR MANAGEMENT CAUSED A NON-CASH ACCELERATED OPTION CHARGE OF £4.3 MILLION FOR YEAR ENDED DEC 31​ Source text for Eikon: Further company coverage:

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