Kindred Group plc (OM:KIND SDB) commences an Equity Buyback Plan for 23,012,620 shares, under the authorization approved on June 10, 2021.
September 01, 2021 at 01:30 am EDT
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Kindred Group plc (OM:KIND SDB) commences share repurchases on July 26, 2021, under the program mandated by the shareholders in the Extraordinary General Meeting held on June 10, 2021. As per the mandate, the company will repurchase up to 23,012,620 ordinary shares/SDRs. The minimum price that may be paid for the shares/SDRs is SEK 1 per share/SDR exclusive of tax. The maximum price that may be paid for the shares/SDRs is SEK 300 per share/SDRs exclusive of tax. The repurchased shares will either be cancelled, or used as consideration for an acquisition or will be issued to employees under a share option program or share performance scheme. The objective of the buyback is to achieve added value for the company's shareholders and to give the Board increased flexibility with the company's capital structure. The program shall expire at the conclusion of the next Annual General Meeting in 2022.
On July 23, 2021, the company announced a share repurchase program. Under the program, the company will repurchase up to 6,000,000 shares, such that the company's holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time for SEK 600 million. The shares will be repurchased within the recorded interval, i.e. the interval between the highest buying price and the lowest selling price. The repurchased shares will be cancelled. The purpose of the program is to return excess cash to the company's shareholders. The repurchases will commence from July 26, 2021 and expire on September 26, 2021 and from October 28, 2021 to December 17, 2021. As of July 23, 2021, the company has 230,126,200 shares issued and outstanding and 2,834,839 shares in treasury.
Kindred Group plc is an online gambling operator. The primary business is its business-to-consumer (B2C) online gambling business. The B2C business operates across Europe, Australia and North America and offers sports betting (including horse racing), casino and games, poker and other products (including bingo) through several brands. The Company's brands include 32Red, Bingo.com, Casinohuone, Kolikkopelit, Maria Casino, Highroller, Unibet, Vlad Cazino and Ottokasino. The 32Red brand offers personalized and exclusive gaming experiences. 32Red delivers more than 400 of the casino slot games. The Bingo.com brand offers a selection of both bingo, casino and live casino games. The Casinohuone brand offers a full-house gaming experience, such as casino, poker, lotto and bingo. The Unibet brand offers a premium all-product gambling experience, a range of sports betting events, Casino and Games, Poker and Bingo in 20 different languages across more than 100 countries.