SBC News Voice of the Sports Betting Industry
Catena Media has completed its share buyback program, executed from 31 July to 4 August.
The buyback program was sanctioned by company shareholders at an extraordinary general meeting on 12 July 2023 and further authorised by the board of directors on 17 July 2023.
The purpose of the program was to “deliver shareholder value and optimize the capital structure by reducing the Company’s share capital through the subsequent cancellation of repurchased shares”.
As such, the period from 31 July to 4 August saw Catena Media repurchase 264,969 ordinary shares.
Concluding the share buyback program, Catena now sees its holdings of its own shares reduced to 2,053,976 ordinary shares, with a total of 78,769,812 outstanding shares available to the market.
All share repurchases were carried out on Nasdaq Stockholm by Carnegie Investment Bank AB on behalf of Catena Media, who were authorised to implement decisions concerning share buyback transactions independently of Catena Media.
Recent corporate developments saw Catena agree to sell its UK and Australia sportsbook assets for €6m in cash to Moneta Communications Ltd.
Proceeds from the sale have been allocated to reduce corporate debt, as the Catena board continues to review all strategic options, including an outright sale of the business.
Catena Media will publish its H1 interim trading results on 22 August 2023.
