Kindred Group Plc investors have been notified that the board of the Stockholm-listed online gambling group has authorised a share buy-back mandate to begin.
The buy-back mandate had secured its approval at an Extraordinary General Meeting (EGM) held by Kindred’s board on 10 June 2022.
From 1 August, Kindred will begin its share repurchasing scheme that will run until the firm’s next Annual General Meeting (AGM), likely to take place in May 2023.
Kindred outlined that its buy-back transaction would be limited to a maximum repurchase of 23m shares, in which its company holdings shall not exceed over 10% of total outstanding shareholding at any point of time.
At the time of the announcement, Kindred maintains a holding of 9.96m shares, out of a total of 230m issued by the business.
“The Board of Directors of Kindred Group plc has, empowered by a mandate received at the Extraordinary General Meeting on 10 June 2022, decided to initiate a share buy-back programme.” – read Kindred’s statement to investors.
“The purpose of the programme is to return excess cash to the shareholders in line with Kindred’s distribution policy.”
The terms of the buy-back scheme will comply with the Nasdaq Nordic Main Market Rulebook for Stockholm Nasdaq-listed enterprises and Malta’s Companies Act.
H1 trading saw kindred declare a 77% year-on-year decline in EBITDA results to €50m as corporate performance was dragged by a number of short-term European headwinds.
The buyback scheme is launched as speculation mounts with regards to Kindred’s future options. During H1 trading, US activist fund Corvex LP accumulated a 10% holding in the company.
As Kindred’s
