The Board of Directors of LeoVegas has agreed to exercise the authorisation given to it by the Annual General Meeting of the company on 8 May 2020 for the repurchase of its own shares.
LeoVegas plans to repurchase up to an amount of EUR 10,000,000 in shares. The repurchase of the shares will be carried out on one or more occasions prior to the Annual General Meeting on 11 May 2021, the aim to optimise the capital structure of the company and generate shareholder value by reducing the number of outstanding shares. For possible future acquisitions, the repurchased securities can also be used as payment.
In compliance with the authorisation given by the shareholders at the Annual General Meeting (AGM) on 8 May 2020 to repurchase up to 10 percent of the total number of shares in the company prior to the 2021 AGM, the share repurchase programme is being launched.
This entails that a maximum of 10,165,297 shares can be repurchased. However the company plans to repurchase shares for a cumulative sum of EUR 10,000,000 within the prescribed time span. LeoVegas doesn’t hold any treasury stock today. The repurchase programme shall be carried out in compliance with the legislation for issuers of Nasdaq Stockholm and the following conditions:
- Repurchases may be conducted on one or more occasions before the AGM on 11 May 2021.
- Repurchases shall be made at a price within the range of the highest purchase price and lowest selling price for the shares on Nasdaq Stockholm at any given time.
- A maximum of 25%, with the exception of block trades, of the average daily trading volume in the shares on Nasdaq Stockholm may be repurchased on any given trading day.
- Payment for the shares shall be made in cash.
LeoVegas shall announce all repurchases of its own shares made during the programme to Nasdaq Stockholm no later than seven trading days after the date of the repurchase.