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Melanie Porter January 12, 2023 3 min read
Super Group Inc. Authorizes $25M Share Buyback Program
Super Group Limited has authorized a new share buyback program for the current year
At the start of the year, the holding company for leading online sports betting and gaming announced it would extend its global foothold in the US by acquiring Digital Gaming Corporation. Now, the parent company of Spin and Betway has announced that its board of directors has given the green light for the launch of a share repurchase program.
The program’s flexible end date set to December 31 can be expanded or shortened by the same board. The buyback program has been capped at $25 million of the value of SGHC’s ordinary shares.
Repurchases to Take Place on the Open Market
The group’s investors received notifications informing them that the group which holds multiple licenses in different global jurisdictions in Europe, Africa, North America, and South America was under no obligation to make any share repurchase.
The company announced that any repurchases would be completed “from time to time on the open market” during negotiated transactions outside the market or at convincing prices.
Super Group’s chief financial officer Alinda van Wyk took the opportunity to speak about the group’s strong “debt-free balance sheet”. She further explained the group’s interest in utilizing cash to generate shareholder value in the long run via new investments and cash returns to shareholders.
Alinda also considered the newly approved, “modest share repurchase program” would show the efficient potential use of cash in relation to different types of scenarios on the market.
Alynda has over two decades of experience under her belt in the online gaming world, leading Carmen Media Group’s finance crew and exercising her advanced financial solutions, evaluations, and reporting skills at Digital Outsource Services (DOS), among others. The latter turned into Super Group’s supporter for its globally recognized brands from the position of an outsourcing partner. Later on, DOS joined the group.
Super Group to Attend the 25th Annual Needham Virtual Growth Conference
Earlier this week, Super Group announced it would attend the 25th Annual Needham Virtual Growth Conference scheduled for January 12. Chief executive officer Neal Menashe together with president and chief operating officer Richard Hasson and CFO Alinda van Wyk were all announced as participants in the live webcast.
Speaking about the presentation, Alinda expressed the company’s eagerness to attend the conference and explain the way the group has continued to stay well-positioned in the international iGaming market, “despite a variety of headwinds around the world”.
Last November, right before presenting its third-quarter earnings report, the group was confident in its ability to stay on track and keep delivering results aligned with its original guidance for 2022.