Kambi details share buyback progress as 92,500 repurchased

The share buyback programme initiated by Kambi following the repayment of its convertible bond to Kindred Group is progressing well, according to an update from the firm.

Issuing an update this morning, the Stockholm-listed explained that between 10-16 M ay a total of 92,500 of its own shares at a volume weighted average price of SEK 212.75 (€19).

The total number of shares purchased since the buyback initiative began on 3 May after Kambi’s Extraordinary General Meeting now stands at 199,476, purchased at weighted average of SEK 205.39 (€18).

Kambi added that the primary objective of the share buyback scheme is to “achieve added value for Kambi´s shareholders and to give the Board increased flexibility with Kambi´s capital structure”.

On the latter point, the firm noted that changes to Kambi capital structure could include “consideration for an acquisition or upon exercise of share options by employees under Share Option Plans”.

As of 16 May 2023, Kambi now controls 722,976 of its own shares, with the total number of shares issued in the firm standing at 31,278,297. 

All shares were purchased on the Nasdaq First North Growth Market by Carnegie Investment Bank AB, which has been commissioned to lead the buyback by Kambi.

This latest round of the share buyback programme follows the conclusion of a previous one which saw 106,976 shares repurchased between 3-9 May. In total, a maximum of 3,106,480 shares may be repurchased to a maximum amount of €7.2m.

The B2B sportsbook supplier initiated the buyback programme after fully repaying a €7.5m convertible bond held to Kindred Group, which had been held by the B2C firm since Kambi’s divestment from it back in 2014.

Kambi and Kindred have maintained a commercial partnership, with the former supplying the B2C betting and gaming group with its sportsbook solutions. However, the repayment of the bond now gives Kambi full control over its strategic future.