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Evolution’s Board of Directors Approves Acquisitions of Own Shares

Posted on November 27, 2023 | 7:05 am
the-board-of-directors-of-evolution-has-resolved-on-acquisitions-of-own-shares

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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The Live Casino Giant

Evolution started out in 2006 and since then it has grown into one of the biggest companies in the iGaming industry and the leading supplier of live casino content. The company currently develops, produces, markets and licenses fully-integrated business-to-business online casino solutions to gaming operators.

Evolution currently has over 700 casino operators among its customers, a list which includes all the major state-owned operators in Canada such as the British Columbia Lottery Corporation and Loto-Quebec.

The Evolution group also contains other successful iGaming brands such as NetEnt, Big Time Gaming Red Tiger, Nolimit City, Digi Wheel and Ezugi and it currently employs over 17,800 people in studios across Europe and in North America. The parent company is based in Sweden and listed on Nasdaq Stockholm.

Source:

“The board of directors of Evolution AB (publ) has resolved on acquisitions of own shares“, mb.cision.com, November 23, 2023.

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