catena mediaThe corporate, a worldwide chief in producing high-value leads for operators of on-line casinos and sports activities betting platforms, has introduced a brand new service. 55 million Swedish Krona ($5.36 million, present trade fee) Share buyback program.
The share buyback was authorized by the corporate’s board of administrators at a unprecedented normal assembly on July 12, following an preliminary decision on Might 24.
As introduced by the corporate, the share repurchase program will probably be administered by a third-party funding agency or credit score company, which can independently decide the timing of share repurchases. The acquisition of Catena Media’s shares will happen at Nasdaq Stockholm, Catena Media added.
Catena Media additionally famous that the purpose of the initiative is to enhance shareholder worth whereas optimizing the corporate’s capital construction by means of a discount in share capital. To that finish, Catena Media additionally plans to cancel the repurchased shares afterward.
Catena Media defined that this system takes into consideration all relevant rules, together with these within the Nasdaq Nordic Main Markets Rulebook for Fairness Issuers.
Packages should adjust to 5 situations
Catena Media has outlined 5 key situations {that a} share buyback program should adjust to.
First, there will probably be a number of share buybacks by means of December thirty first. Additionally, the utmost worth of shares that the corporate should purchase again is 55 million Swedish kronor ($5.36 million).
As well as, Catena Media has agreed that the shares held by Catena Media could not exceed 10% of the full issued share capital and that the full variety of shares shall not exceed 7,203,534 shares. additionally famous.
The fourth situation is that Catena Media can solely purchase again shares at costs inside the worth interval recorded on Nasdaq Stockholm. Lastly, Catena Media requires all funds to be made in money.
Catena Media famous that the corporate presently holds about 0.8% of its widespread inventory (614,193 shares). For reference, the full variety of excellent shares of the corporate is 78,769,812 shares.
The corporate has promised to proceed to offer updates on share buybacks as required by Nasdaq Stockholm.
Final month, Catena Media confirmed plans to launch service in North Carolina subsequent 12 months. The announcement coincided with the legalization of playing and the anticipated opening of the native market in 2024.
The corporate launched its first quarter report in Might, exhibiting sturdy outcomes regardless of a slight drop in gross sales.
