Playtech details €50m share buyback programme

Playtech has announced a share buyback programme of up to €50 million ($53.6 million).

In a statement, the company said that the new scheme will help to reduce its share capital by means of “purchasing its ordinary shares from time to time” in order to make market purchases of up to six million ordinary shares.

Playtech has appointed Canaccord Genuity Limited to carry out purchases of shares under the programme on its behalf.

The company added: “At its 2016 interim results in August, Playtech reiterated that it is cognisant of the need for an efficient balance sheet with high cash balances consistently augmented by cash from operations, and at the same time increased its interim dividend as well as announcing the payment of a special dividend and introducing a progressive dividend policy.

“Reflecting Playtech’s continued confidence in the growth and prospects of the business and its high cash generation, Playtech is pleased to launch the buyback programme.

“The Buyback Programme has no impact on Playtech’s M&A strategy, with its pipeline remaining healthy.”

Playtech also said recent announcements by the Cyprus Securities and Exchange Commission and the UK Financial Conduct Authority “are not expected to have a material impact on Playtech’s financials division”.

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