The board of Catena Media has authorised the buyback of more than 7 million ordinary company shares.
Sweden.- The board of the affiliate group Catena Media has authorised a company share buyback of more than 7million ordinary shares listed on the Stockholm Nasdaq exchange. Catena will buy back ordinary shares for a period of 18-months as of the date of an extraordinary general meeting on July 14.
The plan aims to increase “flexibility in distributing capital to shareholders and promote a more efficient capital usage”. The buyback will not surpass 10 per cent of the company’s existing shareholding of 73 million shares.
Under Stockholm Nasdaq rules, it will guarantee an interval market price between the highest and lowest trading values to activate a repurchase offer on any given date.
Catena has been listed since 2014 and finished its full migration of shares to Stockholm Nasdaq in September 2017.
Catena’s share price started the week at SEK 48.50 (€4.71). It reached a peak of 145 SEK (€14.10) in H2 2018 after Sweden re-regulated online gambling.