Kambi activates €2.8m buyback programme to enhance capital structures

The Board of Kambi Group Plc has initiated a share repurchase programme following the mandate approved by investors of the Stockholm-listed sports betting technology group at the Extraordinary General Meeting (EGM) on 19 June 2023.

Initiated on the morning of the announcement, the buyback programme will run until 21 May 2024, allowing investors to repurchase Kambi Group plc shares up to a total of €2.8m.

As detailed by the board, “The objective of the buyback is to achieve added value for Kambi’s shareholders and to give the Board increased flexibility with Kambi’s capital structure.”

Kambi has appointed Carnegie Investment Bank AB to conduct the share repurchases. The programme will comply with the Companies Act of Malta and other relevant regulations, with Carnegie Bank operating independently of Kambi.

Investors will be allowed to repurchase shares on the Nasdaq First North Market in Stockholm, with prices set within a specific range based on current market conditions.

The maximum number of shares that can be acquired is 3,127,830, representing 10% of the total shares in Kambi Group plc at the time of the EGM’s agreement.

As of the announcement, Kambi Group plc has 31,278,297 issued shares and holds 657,992 of its own shares from previous buybacks. The corporate governance team will disclose all information on completed buybacks on Kambi’s website.

Last month, Kambi announced the inbound appointment of Anders Ström as the new Chairman of the Board, replacing Lars Stugemo who chose not to seek re-election at the 2024 Annual General Meeting (AGM).

Industry figurehead Anders Ström is the enterprise founder of Unibet, who has served as a principal investor and board member of Kambi since the company’s inception in 2010.

Securing new technology agreements with Svenska Spel and LiveScore Group, Kambi bolsters its strategic outlook for 2027, in which it targets generating revenues of €330 to €500m – representing a two-to-threefold increase on FY2022 GGR performance, with a target EBIT of +€150m.