Catena Media Plc’s board of directors has approved the purchase of more than 7 million ordinary company shares listed on the Stockholm Nasdaq exchange.
The order was issued following an extraordinary general meeting (EGM) on July 14, 2021, at which the board of directors announced measures to improve the company’s “flexibility in distributing capital to shareholders and promote a more efficient capital usage.”
Catena will repurchase ordinary shares for a period of 18 months following the EGM date as a result of the decision.
Catena committed to repurchase no more than 10 percent of the company’s existing shareholding, which now stands at 73 million shares, according to the Stockholm Nasdaq.
Guaranteed interval market price
Catena’s buyback will guarantee investors an interval market price between the maximum and lowest trading values in order to execute a repurchase offer on any given day, in accordance with Stockholm Exchange guidelines.
Catena has been a publicly traded company since 2014, and in September 2017, it completed the full migration of its corporate shares to the Stockholm Nasdaq.
Catena’s Stockholm share price is SEK 48.50 (€4.71) as of September 13th. During the second half of 2018, the company’s stock reached a high of 145 SEK (€14.10), just before of the start of Sweden’s re-regulated online gaming sector in 2019.
Last week Catena Media announced boosting operations after its i15 Media acquisition for $45 million. More than 100 new sites and wagering domains will be added to its North American portfolio as a result of the purchase.