Modern Times Group MTG AB (OM:MTG B) commences an Equity Buyback for 10% of its issued share capital, under the authorization approved on May 17, 2023.
September 12, 2023 at 12:30 pm EDT
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Modern Times Group MTG AB (publ) (OM:MTG B) commences share repurchases on September 4, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 17, 2023. As per the mandate, the company is authorized to repurchases shares in a manner such that the company's holding does not at any time exceed 10% of the total shares in the company. The repurchase may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The purpose of the authorization is to deliver long-term shareholder value and increase the returns to shareholders and/or to give a possibility to the company to transfer own shares to the participants in the company's long-term incentive programs. The authorization will be valid until the conclusion of the company?s next Annual General Meeting in 2024. As of March 9, 2022, the company had 134,035,940 shares in issue, out of which 545,662 were Class A shares, 127,165,935 were Class B shares and 6,324,343 were Class C shares. The company held 6,555,433 Class B shares and 6,324,343 Class C shares in treasury.
On September 1, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to SEK 300 million. The repurchased shares will be cancelled. The repurchases will commence on September 4, 2023, and the program will expire on December 31, 2023.
Modern Times Group MTG AB is a Sweden-based entertainment company. The Company operates in two segments: Esport and Gaming. The Esport segment is made up of ESL, Dreamhack and MTG VC-fundâs investments in esport related companies. Through ESL and Dreamhack,the Company operates national and international tournaments as well as grassroots amatuer cups, leagues and festivals. The Gaming segment is made up of InnoGames, Kongregate and MTG VC-fundâs investment in gaming-related companies. InnoGames is publisher of mobile and on-line games. InnoGamesâ complete portfolio encompasses seven live games and several mobile titles in production. InnoGames is focused on the free-to-play segment and provides players with a cross-platform experience on PC and mobile devices. Kongregate is mobile game publisher and developer. The Company operates worldwide.
Modern Times Group MTG AB (OM: MTG B) commences an Equity Buyback for 10% of its issued share capital, under the authorization approved on May 17, 2023.