Kindred Group Completes Buy-Back Program to Return Excess Cash to Shareholders
LISTEN TO THIS ARTICLE:Kindred Group plc, a leading online gambling company, has completed its buy-back program, which was initiated by the Board of Directors on 1 August 2022. The purpose of this program was to return excess cash to Kindred's shareholders.
The company has repurchased a total of 1,236,000 shares/SDRs between 1 March 2023 and 24 March 2023. The buy-back program has been carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation (EU No. 596/2014). The rules from Nasdaq's Nordic Main Market Rulebook for the repurchase of own shares have been applied.
All acquisitions were carried out on Nasdaq Stockholm by Nordea Bank Abp on behalf of Kindred. As of 3 April 2023, Kindred's holding of own shares/SDRs amounted to 14,445,479. Following the acquisitions above and the vesting of 362,200 share awards under the 2021 long-term incentive plan on 1 March 2023. The total number of issued shares in Kindred is 230,126,200.
Throughout the program, Kindred has repurchased a total of 4,841,205 shares/SDRs at a volume-weighted average price of 103.8 SEK per share. Within the buy-back program, a maximum of 23,000,000 shares/SDRs were allowed to be repurchased, and the company's holdings of its own shares/SDRs were not allowed to exceed 10% of the total outstanding shares.
Repurchasing shares/SDRs is a common strategy employed by companies to increase shareholder value. By buying back its own shares/SDRs, a company reduces the number of outstanding shares in the market, thereby increasing the value of each remaining share. This strategy also allows companies to use excess cash to invest in their business, pay dividends to shareholders, or repay debt.
In the case of Kindred, the buy-back program was aimed at returning excess cash to shareholders. This move indicates that the company had surplus cash and did not have any other immediate investment or expansion opportunities. By returning cash to shareholders, the company has demonstrated its commitment to enhancing shareholder value and creating long-term shareholder loyalty.
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