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UK – Penrose and Kalifa to leave Sportstech

By - 20 September 2017

Sportech’s Ian Penrose, CEO and Mickey Kalifa, CFO, are to resign from their positions with the sports betting company undertaking a comprehensive review of the business and the capital structure, with all options to optimise value for the benefit of shareholders under consideration.

Mr. Penrose will remain with Sportech until December 31 2017 whilst Mr. Kalifa will remain with the company until 31 October 2017. They will both assist in an orderly transition in the coming months. Richard Cooper, currently Chair of the Audit Committee, will assume oversight of the finance function.

This follows a successful turnaround in the business under their leadership, in which the Company secured £97m gross receipt from its VAT litigation case, modernised and sold the Football Pools, repaid £65m of debt and returned £21m to shareholders with an anticipated substantial distribution to follow from the Group’s £64m net current assets as at 30 June 2017.
Richard McGuire, non-executive Chairman of Sportech, commented: “We would like to thank Ian for the tremendous job he has performed at Sportech. He presided over the transformation of the Company from a UK focused business into a respected, fully licensed and regulated global gaming technology supplier and gambling operator in the US with a strong balance sheet. Mickey led a remarkable transformation in the company’s financial strength as CFO and previously when Corporate Development Director, in prominently driving Sportech’s
global expansion. On behalf of the Board, I would like to thank him for his work over many years and wish him continued success in the future. As Chairman, I will be leading the strategic review process to ensure that the best path forward is delivered for shareholders”.

Ian Penrose commented: “I have enjoyed my time at Sportech in which the company has enjoyed a transformational period from a rapidly, and many thought terminally, declining UK business with debts exceeding £112m and 5x leverage, into the business it is today. We stated two years ago, when the share price was 65p and we had £65m of debt that we would deliver growth in shareholder value. I am therefore delighted that we have delivered a £150m net turnaround in the financial position of the Group. This includes the return of £21m to shareholders, the elimination of the debt and the current substantial cash, resulting in a share price that has increased by around 50% over these two years. In addition, Sportech has a great North American based business with both organic and strong regulatory growth opportunities.”

Mickey Kalifa, said: “I have been with Sportech for eight years and have thoroughly enjoyed my time at the company and driving the Group’s successful financial turnaround. However, I believe it is time to move to the next stage of my career. I am very confident that Sportech will continue to deliver value for shareholders and customers alike.”

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