Between 13 and 17 December, the Swedish operator undertook its most recent round of stock buybacks as part of a share repurchase programme announced on 27 May.
The company’s Board of Directors authorised the move after being given the greenlight during LeoVegas’ annual general meeting (AGM) on 11 May, but its authorisation came with several stipulations.
LeoVegas may acquire up to €10m ($11.3m) worth of shares, or up to 10% of the total number of shares in the company, before next year’s AGM.
Moreover, all repurchases have been and shall be made in cash at a price within the range of the highest purchase price and lowest selling price on the Nasdaq Stockholm at any given time.
LeoVegas also reiterated that its repurchase programme is being conducted in accordance with Nasdaq Stockholm’s Rule Book for Issuers.
When it announced the plan, LeoVegas stated: “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 11 May 2021.
“LeoVegas intends to repurchase shares for an amount up to €10m. The share repurchases will be conducted on one or more occasions before the annual general meeting 2022.”
The repurchases are intended to optimise the company’s capital structure and create shareholder value by reducing the number of shares outstanding.
As of 17 December, LeoVegas held four million of its own shares, while there were more than 97 million outstanding shares in the company.
