The Maltese superaffiliate company, Catena, is aiming to increase its share price through repurchasing and subsequently cancelling its own shares. However, due to regulations, Catena is only allowed to own up to 10% of its shares on the Nasdaq Stockholm exchange. Currently, it owns 5.6% of its shares, leaving a maximum of 4.4% available for repurchasing. The repurchased shares cannot exceed a total value of SEK100m (£7.9m/€8.9m/$9.6m). Catena’s shares are currently being traded at SEK439, which is a slight increase of just over 1% from the previous day’s closing price. These repurchases can only be made within the recorded price interval on Nasdaq Stockholm, which is between the highest buying price and the lowest selling price. The repurchases must be made in cash.
In other news, Catena has recently appointed Carnegie Investment Bank AB as its financial advisor. The bank’s role is to assist Catena in evaluating strategic options for potentially selling off the remaining parts of its business. Carnegie will be involved in discussions with interested third parties for acquiring certain assets from Catena.
Last month, Catena agreed to sell AskGamblers to Gaming Innovation Group for €45.0m, following a strategic review launched in May of the previous year. During the review, Catena considered the possibility of selling off all its European betting and igaming assets, in order to focus on North American markets. As part of this process, Catena had to lay off 25% of its European staff. Additionally, Catena recently announced record revenue from the launch of Ohio sports betting, which became live on 1 January 2023.
