Kindred Group completes share buyback
The Nasdaq Stockholm-listed gambling group has bought back 942,000 shares.
Sweden.- Kindred Group has completed its planned buyback of 942,000 shares between December 1 and December, 17 as part of its long-running share buyback programme.
Initiated by its board on July 23, the programme has seen Kindred re-purchase 4,652,000 shares at 129.0 SEK per share.
The Nasdaq Stockholm-listed group now owns 7,486,839 of the 230,126,200 issued shares in Kindred. Under the terms of the programme, Kindred was eligible to purchase up to 6,000,000 shares, with an aggregated value of up to SEK 600,000,000, with Nordea Bank Adp conducting the transactions.
It follows a good year for Kindred, which reported a 6 per cent rise in revenue to £298m for Q3, driven mainly by the British, Danish and Belgian sports betting markets.
However, Kindred has forecast its exit from the Netherlands pending approval of its licence to enter the regulated market will cost it around €12m per month in EBITDA.
In October, Kindred completed its €295m acquisition of the remaining 66.6 per cent of B2B supplier Relax Gaming. The group took control of a third of the company’s shares in 2013 and announced this past July that it would buy the company outright.
