Kindred to repurchase up to 6m shares in buyback programme

Kindred Group’s Board of Directors has made the decision to exercise the buyback programme first initiated last year, with the firm now able to repurchase up to six million of its own shares. 

Running between 10 February and 12 May, the total share repurchases amount to a total of SEK 300 million and must not exceed this amount, whilst the company cannot hold any more than 10% of the total outstanding shares as its own shares or SDRs. 

All share repurchases will be made between 10 February and 28 March 2022 and from 29 April 2022 to 12 May 2022, with shares unable for repurchase during the closed period ahead of the publication of Kindred’s Q1 interim report. 

As with previous buybacks, Nordea Bank Abp will conduct the repurchases on behalf of Kindred via the Nasdaq Stockholm exchange or ‘other regulated markets’ with the banks decisions made independently of the B2C gambling operator. 

Kindred has also detailed that any stock purchases will be “spread out during the course of the buyback programme as much as reasonably possible”, although at the same time the firm asserts that Nordea will be able to make its trading decisions ‘without imitation’. 

Additionally, the share repurchase is 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.

Kindred first initiated a buyback programme on 10 June 2021 at an Extraordinary General Meeting, and as of 17 December Nordea Bank had re-purchased a total of 4,652,000 shares at a price of 129.0 SEK per share on behalf of the firm. 

The company confirmed that of the 230,126,200 issued shares in Kindred, the Nasdaq Stockholm-listed gambling group owns 7,486,839 as of the conclusion of the buyback programme as of the conclusion of the December buyback programme.