Kindred Group has successfully completed the buyback of 942,000 shares between 1 December and 17 December, as part of its wider long-running buyback programme.
The buyback programme, which was first initiated on 23 July 2021 by the company’s Board of Directors, has seen Kindred re-purchase a total of 4,652,000 shares at a price of 129.0 SEK per share, with Nordea Bank Adp carrying out all transactions on behalf of Kindred.
Of the 230,126,200 issued shares in Kindred, the Nasdaq Stockholm-listed gambling group now owns 7,486,839 as of the conclusion of the buyback programme on Friday.
Under the terms of the buyback programme, Kindred was eligible to purchase a maximum of 6,000,000 shares, with an aggregated value of up to SEk 600,000,000.
The completed programme was carried out in accordance with the Maltese Companies Act, EU Market Abuse Regulation and the applicable rules of the Nasdaq NordicMain Market Rulebook for Issuers of Shares.
The buyback programme follows a strong year of trading for Kindred, with the group’s Q3 statement seeing the company register revenues of £298 million, a 6% increase on 2020% third quarter results of £281 million.
Continued growth in the UK, Danish and Belgian markets was registered, with the group’s sportsbook division in particular experiencing success in Europe. The firm has detailed an ambition to recover its momentum in France following months of underperformance in the country’s sports betting sector.
However, Kindred has encountered a hurdle in the Netherlands, where it was forced to abandon its betting and gaming operations and await the approval of its licence under the KOA Act regime, which is expected in Q2 2022.