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Kambi Group Plc’s board has repurchased 106,976 shares between 3-9 May as part of its approved share buyback programme.
The shares of the Stockholm-listed technology group were bought at an average price of SEK199.04 (£15.42/€17.77) per share.
The aim of the buyback was to provide capital to its shareholders and give the board flexibility concerning the company’s capital structure. The acquisitions were made on Nasdaq First North Growth Market in Stockholm by Carnegie Investment Bank AB on behalf of Kambi.
As of 9 May, Kambi held 630,476 of its own shares out of a total issued share count of 31,278,297. The buyback programme allows for a maximum repurchase of 3,106,480 shares, up to a total of €7.2m.
Following its Q1 trading update, Kambi announced that it had repaid a €7.5m convertible bond held by Kindred Group since Kambi’s breakaway in 2014.
The bond repayment removes the need for Kambi to seek Kindred’s prior consent for certain events and eliminates the possibility of Kindred converting the bond into shares, which would have given the operator control over Kambi.
Despite the divestment, Kambi and Kindred have maintained a commercial partnership, with the former supplying the B2C betting and gaming group with its sportsbook solutions.
The partnership was renewed in February 2022, extending it to 2026 and including Kambi’s support for Kindred’s soon-to-launched Racing Platform.
