Kambi board initiates €2.8m share buyback programme
Supplier begins share buyback programme to add to the €7.2m worth of shares purchased during Q2 2023
Kambi has initiated a buyback programme to repurchase a total of up to 3,127,830 shares worth a maximum of €2.8m (£2.4m), as mandated at the firm’s extraordinary general meeting in June 2023.
The Stockholm-listed supplier confirmed it will be repurchasing these shares between today, 5 December, and 21 May 2024.
Kambi has entered into an agreement with Carnegie Investment Bank to buy the shares back on its behalf.
The supplier confirmed the shares will be repurchased on one or several occasions on the Nasdaq First North Growth market in Stockholm.
The share repurchases will be made at a price per share within a specific range. The example the firm gave was the interval between the highest buying price and the lowest price within a certain time frame.
The supplier said: “The objective of the buyback is to achieve added value for Kambi’s shareholders and to give the board increased flexibility with Kambi’s capital structure.”
At the time of writing, Kambi has issued 31,278,297 shares, with the supplier owning 657,992 of those shares.
This is the next stage of share repurchasing the firm has initiated, with its last major buyback of shares taking place at various points during Q2 this year, which saw the supplier repurchase 381,476 shares for a total of €7.2m.
Following the news, the supplier’s share price jumped from an opening price of SEK155.7 to SEK160.5 before returning to SEK156.7 at the time of writing.
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