Kambi Group Repurchases Shares as Part of Share Buyback Program
Kambi Group plc (“Kambi”) recently completed a share buyback program, repurchasing a total of 50,000 ordinary B shares (ISIN: MT0000780107) between April 8th and April 12th, 2024. This initiative is in line with the mandate approved at the Extraordinary General Meeting held on June 19th, 2023.
The primary objective of the share buyback program is to create additional value for Kambi’s shareholders while enhancing the company’s capital structure by reducing its capital. The execution of the program is in compliance with the Maltese Companies Act, the EU Market Abuse Regulation No 596/2014 (“MAR”), Commission Delegated Regulation (EU) No 2016/1052 (“Safe Harbour Regulation”), and other applicable rules and regulations.
Throughout the Buyback Period, Kambi acquired these 50,000 ordinary B shares at a volume-weighted average price of 90.27 SEK. Since the program’s commencement on March 18th, until April 12th, 2024, a total of 177,000 ordinary B shares have been repurchased at a volume-weighted average price of 92.77 SEK per share.
To facilitate these acquisitions, Kambi utilized the services of Carnegie Investment Bank AB, which executed the share repurchases on Nasdaq First North Growth Market in Stockholm. As a result of these transactions, Kambi is currently holding 1,072,592 of its own shares, with the total number of issued shares in the company being 31,278,297 ordinary B shares. The share buyback program authorizes Kambi to repurchase a maximum of 3,127,830 ordinary B shares, amounting to a maximum aggregate value of €4.0 million.
Enhancing Shareholder Value and Capital Flexibility
The share buyback program demonstrates Kambi’s commitment to enhancing shareholder value by optimizing its capital structure. By repurchasing its own shares, the company aims to reduce share supply in the market, potentially increasing the value of the remaining outstanding shares. This can benefit existing shareholders and cultivate investor confidence in Kambi’s long-term growth prospects.
Additionally, the buyback program grants the company increased flexibility in managing its capital structure. By reducing the capital through the repurchase of shares, Kambi can better allocate resources and adapt to evolving market conditions. This strategic maneuver aims to enhance Kambi’s ability to invest in growth opportunities, undertake strategic initiatives, and drive sustained value creation for its shareholders.
Compliance with Applicable Regulations
Kambi prioritizes compliance with all relevant regulations in conducting its share buyback program. The program is carried out in adherence to the Maltese Companies Act, which provides the legal framework for such initiatives. Furthermore, Kambi operates within the guidelines established by the EU Market Abuse Regulation (MAR) and the Commission Delegated Regulation (EU) No 2016/1052, commonly known as the Safe Harbour Regulation. These regulations help ensure transparency, fairness, and equal treatment of investors throughout the share buyback process.
Future Outlook
As the share buyback program progresses, Kambi will continue to monitor market conditions and evaluate opportunities for share repurchases. The company remains focused on its commitment to delivering value to its shareholders and leveraging its capital structure to support sustainable growth. By pursuing strategic initiatives and embracing capital market dynamics, Kambi aims to position itself for continued success in the competitive gaming industry.