Evolution AB (OM:EVO) commences an Equity Buyback Plan for 19,841,022 shares, representing 9.12% of its issued share capital, under the authorization approved on April 4, 2023.
December 04, 2023 at 11:00 am EST
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Evolution AB (publ) (OM:EVO) commences share repurchases on November 27, 2023, under the program mandated by the shareholders in the Annual Shareholders? Meeting held on April 4, 2023. As per the mandate, the company is authorized to repurchase 19,841,022 shares, representing 9.12% of its share capital, such that at any given time provided that the company's holding of own shares at any given time does not exceed 10% of all shares in the company. The shares will be repurchased within the price interval registered at any given time, i.e. the interval between the highest bid price and the lowest selling price. The purpose of the buyback is to enable the board of directors to optimize and improve the capital structure of the company, thereby creating added shareholder value, and/or to enable the company to use acquired own shares as payment for, or financing of, acquisitions of companies or businesses or to hedge or facilitate the settlement of the company?s incentive programs. The program will be valid till the next Annual General Meeting in 2024. As of March 3, 2023, the company had 215,563,009 shares issued and company holds 1,905,865 treasury shares.
On November 23, 2023, the company announced a share repurchase program. Under the program, the company will repurchase ?400 million worth of shares. The purpose of acquisitions of own shares shall be to optimize and improve the capital structure of the company by reducing the capital, thereby creating added shareholder value. The program is valid till the annual general meeting 2024. As of November 23, 2023, the company had 215,604,777 shares issued and holds 1,706,532 treasury shares.
Evolution AB specializes in the development, publishing and marketing of live casino games on the Internet for gaming operators. The group operates in the fields of roulette, blackjack, baccarat and poker games, while offering software solutions and online casino platforms live on computers, smartphones and tablets.
At the end of 2022, Evolution AB had 11 production studios located in the United States (3), Belgium, Canada, Georgia, Latvia, Lithuania, Malta, Romania and Spain.
Net sales are distributed geographically as follows: Sweden (0.1%), Malta (67.5%), Australia (3.3%), Curaçao (21.8%), North America (0.6%) and others (6.7%).
Evolution AB (OM: EVO) commences an Equity Buyback Plan for 19,841,022 shares, representing 9.12% of its issued share capital, under the authorization approved on April 4, 2023.