Home > Finance > Kambi board exercises €2.8m share buyback

Kambi board exercises €2.8m share buyback

| By Robert Fletcher
The Kambi Group board has announced it is to launch a buyback programme to repurchase up to 10% of the business’ shares for as much as €2.8m (£2.4m/$3.0m).
Kambi share buyback

Agreed at the Kambi AGM back in June, the share buyback programme will run until 21 May 2024. Kambi said this will achieve added value for shareholders and give its board greater flexibility with Kambi’s capital structure.

Carnegie Investment Bank AB will conduct the share repurchases on behalf of Kambi. The process will take place on one or several occasions on Nasdaq First North Growth market in Stockholm, Sweden. 

Kambi said repurchases will be made at a price per share within a defined range. This price is yet to be confirmed but Kambi said the total cost of the repurchase must not exceed €2.8m. Payments will be made in cash.

Currently, there are a total of 31,278,297 issued shares in Kambi. The buyback programme will allow Kambi to repurchase up to 3,127,830 shares, equating to 10% of the entire holding. Kambi currently holds 657,992 of its own shares from prior repurchase programmes.

Ström replaces Stugemo as Kambi chair

The announcement comes after Kambi last month named co-founder Anders Ström as its new chair. This followed Lars Stugemo stepping down after almost 10 years in the role.

Ström will serve as chair until the Kambi 2024 AGM, where his appointment will be formally proposed. Stugemo remains a member of the nomination committee

In becoming chair, Ström extends his affiliation with the business he helped found. After launching Kindred Group in 1997, he co-founded Kambi with CEO Kristian Nylén in 2010.

Ström has also served as a Kambi board member since the business launched.

In other recent news, Kambi last month published its Q3 results. These made for positive reading, with Kambi overcoming the loss of Penn Entertainment to deliver year-on-year growth across divisions.

Highlights included revenue growth of 15% year-on-year, boosted by non-recurring fees in relation to Penn and Shape Games. Revenue for the period hit €42.1m.

EBITDA during the period was up 3% to €13.9m at slightly uplifted margin of 11.0%. Kambi also said net profit increased 34.6% to €3.5m.

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