Kindred Group plc has launched a share buyback program after its board of directors authorized the reclaiming of up to 23 million shares at an Extraordinary General Meeting.
Convening on June 10, the board was empowered by a mandate passed at the EGM in a bid to return excess cash to the gambling group’s shareholders, as outlined in its distribution policy.
Beginning today, Kindred will buy-back shares from shareholders until its next Annual General Meeting, believed to take place next May.
The board told investors that the maximum number of shares that can be repurchased will be 23 million and the company’s holdings of its own shares cannot exceed 10% of overall outstanding shares.
Currently, Kindred holds 9.96 million shares out of a total of 230 million issued by the group.
“The Board of Directors of Kindred Group plc has, empowered by a mandate received at the Extraordinary General Meeting on 10 June 2022, decided to initiate a share buy-back programme,” read a Kindred statement addressed to shareholders.
“The purpose of the programme is to return excess cash to the shareholders in line with Kindred’s distribution policy.”
A Swedish-listed company, Kindred noted that the share repurchase scheme will be completed on Nasdaq Stockholm in accordance with the Nasdaq Nordic main Market Rulebook.
Concluding its update, Kindred stated that the repurchases will be made at a price per share determined with the recorded interval between the highest buying price and lowest selling price, with all payments to shareholders made in cash.