Kambi Group repays Kindred Group convertible bond
Convertible bond of €7.5m was issued by Kambi to Kindred as part of a spin-off in 2014.
Press release.- Kambi Group has repaid the full €7.5m convertible bond previously held by Kindred Group.
The convertible bond was established as part of Kambi’s spin-off from Kindred in 2014 and having satisfied certain financial performance criteria, Kambi last year announced it had secured the right to repay the bond at a time of its own discretion.
The repayment of the convertible bond means Kambi will no longer be required to seek prior consent from Kindred for certain events and eliminates the prospect of Kindred converting the bond into shares, which would have given the operator a controlling influence over Kambi.
The repayment of the convertible bond has no impact on the partnership between Kambi and Kindred, which was renewed in 2022 and runs until the end of 2026.
Kambi has recently shared its financial results for the first quarter of the year 2023 and reported revenue amounted to €44m while operating profit was €4.5m, at a margin of 10.3 per cent, which was impacted by certain non-recurring costs. The company attributed the success to existing partnerships and new launches in the US states.
