LeoVegas exercises authorisation for share repurchases
STOCKHOLM, Nov. 16, 2020 /PRNewswire/ -- The Board of Directors of LeoVegas has decided to exercise the authorisation to repurchase own shares granted to it by the company's Annual General Meeting on 8 May 2020. LeoVegas intends to repurchase shares for an amount up to EUR 10,000,000. The share repurchases will be conducted on one or more occasions before the Annual General Meeting on 11 May 2021. The purpose is to optimise the company's capital structure and create shareholder value by reducing the number of shares outstanding. The repurchased shares may also be used as payment for potential future acquisitions.
The share repurchase programme is being initiated in accordance with the authorisation granted by the shareholders at the Annual General Meeting (AGM) on 8 May 2020 to repurchase up to 10% of the total number of shares in the company before the 2021 AGM. This entails that a maximum of 10,165,297 shares may be repurchased. However, the company intends during the prescribed period of time to repurchase shares for a maximum amount of EUR 10,000,000. LeoVegas today owns no treasury shares. The repurchase program will be carried out in accordance with Nasdaq Stockholm's regulation for issuers and the following conditions:
- Repurchases may be conducted on one or more occasions before the AGM on 11 May 2021.
- Repurchases shall be made at a price within the range of the highest purchase price and lowest selling price for the shares on Nasdaq Stockholm at any given time.
- A maximum of 25%, with the exception of block trades, of the average daily trading volume in the shares on Nasdaq Stockholm may be repurchased on any given trading day.
- Payment for the shares shall be made in cash.
LeoVegas shall report to Nasdaq Stockholm all repurchases of own shares that have taken place during the program no later than within seven trading days after the date of repurchase.
This information is such that LeoVegas AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at the time stated by LeoVegas AB's (publ) news distributor Cision, upon publication of this press release. The persons indicated below can also be contacted for further information.
for further INFORMATION, please contact:
Gustaf Hagman, Group CEO
+46 (0) 8 410 367 66
gustaf.hagman@leovegasgroup.com
Stefan Nelson, Group CFO
+356 993 942 68
stefan.nelson@leovegasgroup.com
Philip Doftvik, Director of Investor Relations and Corporate Finance
+46 73 512 07 20,
philip.doftvik@leovegasgroup.com
About leovegas mobile gaming group:
LeoVegas vision and position is "King of Casino". The global group LeoVegas Mobile Gaming Group offers games on Casino, Live Casino, Bingo and Sport. The parent company LeoVegas AB (publ.) is located in Sweden and its operations are mainly located in Malta. The company's shares are listed on Nasdaq Stockholm.
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