The board of Super Group, the parent company of Betway and Spin, has authorized the repurchase of ordinary shares up to the value of $25m.
The group’s board of directors has set a repurchase period deadline date of December 31, 2023, but this time frame can be extended or shortened.
Super Group has also stated that it is not obligated to repurchase any shares, but if repurchases do take place, they will be made “from time to time on the open market at prevailing prices or in negotiated transactions off the market”.
“Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and through returning cash to shareholders,” commented Alinda van Wyk, Chief Financial Officer of Super Group.
“We believe a modest share repurchase program is an efficient potential use of cash depending on market circumstances.”
Plans to repurchase ordinary shares come on the back of Super Group cancelling private warrants and earnout waivers related to its NYSE listing in December last year.
The group’s leadership team decided to remove the potential issuance of approximately 78.8 million ordinary shares, following a revision of its NYSE shareholdings and stock compensation, reducing its fully diluted share count by approximately 13.6% to 502.41 million shares.
Almost one year removed from its initial listing on the NYSE, Super Group is still targeting US expansion in 2023. The firm recently completed the acquisition of Digital Gaming Corporation (DGC), which has market access in 12 states, eight of which are operational.
