Kindred Group’s board of directors has approved plans for the Unibet operator to commence a share buy-back programme worth up to SEK190m (£16.1m/€18.7m/$22.5m),
The scheme, first agreed at an extraordinary general meeting in June 2020, will run between 1 March and 30 April, with the aim of returning excess cash to shareholders.
Kindred will be able repurchase up to 2,000,000 of its own shares, but must also ensure its holding does not exceed 10% of total outstanding shares in the group.
Share repurchases will be made on the Nasdaq Stockholm in Sweden, with the operator only permitted to spend up to SEK190m. Payments must also be made in cash.
Following the programme, Kindred intends to cancel the repurchased shares, subject to approval at its annual general meeting in May.
The current total number of outstanding shares in Kindred is 230,126,200, with the operator only holding 2,971,358 shares.
Confirmation of the programme comes after Kindred last month reveal that its full-year revenue in 2020 passed the £1bn mark for the first time, thanks to new highs in active customers and major growth in new markets.
Full year revenue grew 23.9% to £1.13bn for the year.
