Kindred Group’s Board of Directors has decided to start exercising the buy-back mandate which received at the Extraordinary General Meeting on 10 June 2021. The buy-back program will run between 10 February and 12 May 2022 and amounts to a total of up to SEK 300 million.
The Board of Directors of Kindred Group plc has, empowered by a mandate received at the Extraordinary General Meeting on 10 June 2021, decided to initiate a share buy-back programme. The purpose of the programme is to return excess cash to the shareholders in line with the Company’s distribution policy.
Kindred has entered into an irrevocable agreement with Nordea Bank Abp to conduct the share repurchases on its behalf. The acquisition of shares shall take place on Nasdaq Stockholm or other regulated markets and Nordea will make its trading decisions in relation to Kindred’s shares independently of, and without influence by, Kindred in accordance with the Maltese Companies Act, EU Market Abuse Regulation No. 596/2014 (“MAR”) and the applicable rules of Nasdaq’s Nordic Main Market Rulebook for Issuers of Shares.
The buy-back programme decided by the Board of Directors shall meet the following terms:
- The maximum number of shares/SDRs that can be repurchased is 6,000,000. The Company’s holdings of its own shares/SDRs may not at any time exceed 10 per cent of the total outstanding shares.
- The total share repurchases under the program may not exceed SEK 300,000,000.
- Share repurchases are to be made on Nasdaq Stockholm in accordance with the Nasdaq Nordic Main Market Rulebook for Issuers of Shares and MAR.
- Share repurchases can be made from 10 February and 28 March 2022 and from 29 April 2022 to 12 May 2022.
- The programme does not permit share repurchases being executed during the closed period ahead of the first quarter 2022 interim report publication.
- Share repurchases are to be made at a price per share within the recorded interval, i.e. the interval between the highest buying price and the lowest selling price.
- Share repurchases shall be spread out during the course of the buy-back program as much as reasonably possible, without limitation for Nordea to make its trading decisions concerning the timing of the purchases of the shares independently of the Company.
- Payments for the shares/SDRs are to be made in cash.
Following repurchase, the intention of the Board is to cancel the repurchased shares/SDRs.
At the time of this announcement, the total number of outstanding shares/SDRs in the company is 230,126,200 and Kindred’s holding of own shares/SDRs is 7,486,839.
This disclosure contains information that Kindred Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU No. 596/2014). The information was submitted for publication, through the agency of the contact person, on 09-02-2022 12:30 CET.
For more information:
Patrick Kortman, Head of Corporate Development & Investor Relations, +46 723 877 438
Linda Lyth, Investor Relations Manager, +46 767 681 337
About Kindred Group
Kindred Group is one of the world’s leading online gambling operators with business across Europe, US and Australia, offering over 30 million customers across 9 brands a great form of entertainment in a safe, fair and sustainable environment. The company, which employs about 2,000 people, is listed on Nasdaq Stockholm Large Cap and is a member of the European Gaming and Betting Association (EGBA) and founding member of IBIA (International Betting Integrity Association). Kindred Group is audited and certified by eCOGRA for compliance with the 2014 EU Recommendation on Consumer Protection and Responsible Gambling (2014/478/EU). Read more on www.kindredgroup.com.
Nasdaq Stockholm, KIND-SDB