Alphameric has announced an emergency rights issue to prop up the technology company’s Turf TV joint venture. It warned of a £5m ($10m) loss for the year and admitted its legal dispute with bookmakers could drain resources.

The shares tumbled more than 18 per cent to 24¾p on Wednesday, after the company unveiled plans for an issue of 93m shares – 41 per cent of the enlarged share capital – on the basis of seven new shares for every 10 held, at 12p each.