June 24, 2024 3 min read

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Better Collective Delivers Enhanced Value with New Buy-Back Program

The company hopes to leverage its impressive momentum to improve its market position and deliver lasting value to shareholders

Better Collective A/S has announced a share buy-back program valued at up to EUR 20 million ($21.48 million). The program, set to run from 24 June 2024 to 5 September 2024, aims to cover future obligations related to acquisitions and long-term incentive (LTI) programs. With the company enjoying robust financial performance, this initiative will be instrumental for its long-term goals.

The Group Aims to Enhance Investor Confidence

The buy-back program follows the authorization by Better Collective’s shareholders at the annual general meeting on 22 April 2024. As per this newest initiative, the company can acquire up to 6,289,950 shares, each with a nominal value of EUR 0.01, until the next annual general meeting in 2025.

A previous buy-back program, which concluded on 7 June 2024, saw Better Collective acquire 102,431 treasury shares. Nordic investment banking powerhouse ABG Sundal Collier (“ABGSC”) will oversee this buy-back program. Under their agreement, ABGSC will independently purchase shares on behalf of Better Collective, ensuring that trading decisions remain uninfluenced by the company.

The share buy-back program will adhere to some strict terms, ensuring transparency and accountability. Shares will be acquired on Nasdaq Copenhagen and/or Nasdaq Stockholm, and the payment will be exclusively in cash. Better Collective also noted that it could end the program before the 5 September deadline if it reaches the EUR 20 million cap early.

Strategic Objectives Remain on Track

This buy-back initiative aligns with Better Collective’s robust Q1 performance. The group reported an 8% revenue increase, reaching EUR 95 million ($103.14 million), up from EUR 88 million ($95.54 million) in Q1 2023. Despite a 6% decline in organic growth, this performance outstripped last year’s exceptional results, bolstered by the launch of online sports betting in two US states.

Jesper Søgaard, co-founder and CEO of Better Collective, previously expressed optimism about the company’s trajectory. He praised the team for their outstanding performance and remained confident that Better Collective would sustain its momentum in the upcoming quarters. Søgaard highlighted that the company’s recent initiatives would diversify revenue streams and reinforce its position as a leading digital sports media group.

We had a good start to 2024 with strong revenue performance and growth.

Jesper Søgaard, Better Collective co-founder & CEO

The newly unveiled buy-back program represents a strategic move by Better Collective to strengthen its financial foundation and support its ambitious growth plans. The initiative’s successful execution is a testament to the company’s mission to enhance shareholder value while bolstering its market position. With Q2 results on the horizon, industry insiders will closely monitor Better Collective’s strategic progress.

Deyan is an experienced writer, analyst, and seeker of forbidden lore. He has approximate knowledge about many things, which he is always willing to apply when researching and preparing his articles. With a degree in Copy-editing and Proofreading, Deyan is able to ensure that his work writing for GamblingNews is always up to scratch.

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