Intertain Group has announced it will buy back what it believes are undervalued shares in the online gambling company.
Intertain will purchase and cancel up to 3,617,740 common shares over a one-year period, representing up to approximately 5% of the company’s shareholding on the Toronto Stock Exchange.
The company said that it intends to fund such purchases through working capital, and added that it believes its current share price “does not reflect the underlying value of the company.”
Intertain president and chief executive officer Kennedy FitzGerald said: “Alongside our shareholders, Intertain has built a very profitable business – a company with one of the highest rates of regulated revenue globally in the online gaming space.
“For that we are extremely thankful. Given, however, where our share price is today, management and our Board are of the strong view that the best investment available to the Company at this time is its own equity.”
source : www.igamingbusiness.com