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Sportech Vat Claim Finalized
SPORTECH GBP 97 MILLION VAT CLAIM FINALIZED (Update)
As HMRC’S permission to appeal is refused.
Sportech PLC will be pleased to see the back of a drawn out legal battle with Her Majesty’s Revenue & Customs in connection with a GBP 97 million VAT repayment claim on their “Spot The Ball” competition, initiated in 2009 .
After much to-ing and fro-ing, the Supreme Court has ultimately refused HMRC permission to appeal an earlier court ruling which unanimously favored Sportech PLC.
“This now, for Sportech, successfully brings this matter to a close,” a press statement reads.
A sum of GBP 93 million was paid to Sportech by HMRC in the middle of June 2016, after the Supreme Court ruled in favor of Sportech for the full amount and ruled legal costs, accumulated during the protracted court battle, be paid by HMRC.
While the company expects to receive the balance of around GBP 4 million from HMRC shortly, Sportech awaits the outcome of a separate court case, due to be heard in July 2017, in which it is arguing for compound interest on the amount, rather than simple interest. Should the court rule in Sportech’s favor, the original amount is likely to almost double.
"We are delighted that after nearly eight years, this case is now over and the Supreme Court has upheld the unanimous decision of the Court of Appeal,” said Ian Penrose, chief executive officer of Sportech, said.
In related news, Sportech PLC chief executive officer, Ian Penrose, and chief financial officer, Mickey Kalifa, increased their beneficial interest in the company by 100,000 and 41,205 ordinary shares respectively in terms of the Company’s long term incentive plan.
Penrose increased his beneficial interest in the Company to 950,000 and Kalifa to 89,613 ordinary shares.
In additional company disclosures, non-executive Chairman, Roger Withers, has informed the Company that he has been appointed as a Director and Chairman of the Compensation Committee of Inspired Entertainment, Inc.
Gambling News :
NBA : Warriors Win the West; NBA Finals Next -
The Golden State Warriors will play in their third-straight NBA Finals. They completed their sweep of the San Antonio Spurs Monday night, rolling to a 129-115 victory as 12-point road favourites; Golden State opened the season as a –250 chalk to win the Western Conference.
PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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