Super Group Inc, the parent company of the Betway and Spin brands, notified investors this morning that it has authorised a share repurchase program capped at $25m (€23m) of the value of ordinary shares.
The repurchase programme will be available through 31 December 2023, a period that can be extended or shortened by Super Group’s Board of Directors.
Investors were notified that “Super Group is not obligated to repurchase any shares.”
“Repurchases, if any, will be made from time to time on the open market at prevailing prices or in negotiated transactions off the market.”
A disappointing close to 2022 saw Super Group’s governance cancel all private warrants and earnouts related to the firm’s NYSE listing, pledged at the start of the year.
Almost one year since its NYSE debut, Super Group has seen its share price halve from an opening price of $8.25 to $3.15, as the firm’s market cap falls below the $2bn from its pre-listing valuation of +$4.5bn.
Alinda van Wyk, Chief Financial Officer of Super Group, commented: “Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and by returning cash to shareholders.
“We believe a modest share repurchase program is an efficient potential use of cash depending on market circumstances.”
Entering 2023, Super Group cites no change in its corporate strategy, as leadership seeks to expand within US states, having acquired strategic partner Digital Gaming Corporation (DGC).
The acquisition was finalised to guarantee Betway access in the markets of Iowa, Pennsylvania, New Jersey, Arizona, Colorado, Indiana, Virginia and Ohio through an exclusive licensing agreement secured by DGC.