Kambi Group Proceeds with $3M Share Buyback Program

Kambi Group, a B2B provider of sports betting services and solutions, has unveiled a share buyback program. The company secured the buyback mandate at the Extraordinary General Meeting on June 19 and will now proceed to exercise it.

According to Kambi’s board of directors, the buyback program is set to run until May 21, 2024, and will see Kambi repurchase shares for a total of EUR 2.8 million (approximately $3 million). The objective is to create more shareholder value while providing the company’s board with increased flexibility over Kambi’s capital structure.

Kambi Group also clarified that the share buyback program will be conducted by Carnegie Investment Bank, in accordance with an agreement between the two parties. The acquisition of shares will be conducted on several occasions on the Nasdaq First North Growth market in Stockholm.

Kambi also added that Carnegie will make its trading decisions in relation to Kambi’s shares independently and without influence by the company. Still, the investment bank will conduct the share buyback program in accordance with the Maltese Companies Act and other applicable rules.

Kambi Cannot Repurchase More than 10% of Its Total Share Capital

Kambi further elaborated on its share repurchase plans, explaining that all payments for the shares will be made in cash. Under the current program, Kambi cannot spend more than EUR 2.8 million on repurchasing shares. In addition, share repurchases will be made at a price per share within a defined range.

In addition to the EUR 2.8 million limit set at the Extraordinary General Meeting, the group’s leaders decided that the maximum number of shares that may be acquired through this program cannot exceed 10% of the total share stock of the company at the time (3,127,830 shares).

For reference, the current total number of Kambi Group’s issued shares is 31,278,296. The company owns 657,992 of its own shares thanks to prior share buyback programs.

Kambi said that the share buyback program kicks off today. The group concluded that information on completed buybacks will be available on its official website.

In other news, Kambi recently published its Q3 report, highlighting some “landmark signings” that underpinned its favorable results. Roughly two weeks ago, Kambi also announced the appointment of Anders Ström as its new board chair.