Evolution, the world’s largest supplier of live dealer games for online casinos, has announced that its board of directors has approved the acquisition of the company’s own shares on Nasdaq Stockholm.
The decision was made at the company’s annual general meeting for 2023 and a statement published by Evolution announced that the purpose of the acquisition of its own shares is to optimize and improve the capital structure of the business and to create “added shareholder value.”
The company also announced that the share repurchase programme is going to be implemented in compliance with the European Union regulations regarding stock market abuse. Moreover, the acquisitions of shares will be made through an investment firm or through a bank which will decide on the timing of the purchases independently of Evolution.
The acquisitions of Evolution shares will also be made in accordance with the Rule Book for Issuers at Nasdaq Stockholm. The programme also states that the acquisitions could be made in one or more installments but that they should all be completed before the 2024 annual general meeting of the company’s shareholders.
The company also announced that the sum made available for the acquisition of its own shares is 400 million euros and that the purchases would not be allowed to exceed this amount. Any acquired shares will be paid in cash at the price registered on Nasdaq Stockholm at the time of acquisition.
Evolution currently has 215,604,777 shares and the 2023 annual general meeting decided that the company’s holding of own shares shall not exceed 10 percent of all shares at any given time. Given that the company currently holds 1,706,532 of its own shares, it means that the repurchase program could lead to the acquisition of at most 19,853,945 shares.
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