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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.



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Day 2 of the MPNPT Tallinn Main Event - Day 1b of the MPN Poker Tour 2017 Tallinn Main Event easily surpassed the tournament’s €150,000 guarantee on its own. Yesterday’s 416 entries brought the total number so far up to 522

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Day 1a MPN Poker Tour Tallinn Main Event - Day 1a brought 106 entries into the €550 Main Event, with nearly as many players turning out for the last €35 super satellite into tomorrow’s Day 1b

NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday - Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.

Pro League Reveals Sportradar Contract Details - The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.

NFL Odds: Steelers Visit Undefeated Chiefs #TNF - The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.

Mega Moolah strikes again - The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.

2 New Slots For Microgaming Casinos - David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.

MLS Odds: Red Bulls vs. Whitecaps - The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.

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