Kambi announced at its AGM in June that it has implemented a share buyback programme, which will run until 21 May 2024. The purpose of this programme is to generate added value for shareholders and provide the board with more flexibility in managing Kambi’s capital structure. Carnegie Investment Bank AB will handle the share repurchases on behalf of Kambi. The repurchases will occur on the Nasdaq First North Growth market in Stockholm, Sweden and will be conducted on one or more occasions. Kambi intends to repurchase shares at a price per share within a defined range, subject to confirmation. The total cost of the repurchase must not exceed €2.8m and the payments will be made in cash.
Currently, Kambi has a total of 31,278,297 issued shares. The buyback programme allows Kambi to repurchase up to 3,127,830 shares, representing 10% of the total holding. It is worth noting that Kambi already holds 657,992 of its own shares from previous repurchase programmes.
In a recent development, Anders Ström, the co-founder of Kambi, has been appointed as the new chair, succeeding Lars Stugemo. Ström’s appointment as chair will be officially proposed at the Kambi 2024 AGM. Stugemo, despite stepping down from the chairman role, continues to be a member of the nomination committee.
Ström’s connection with Kambi goes back to its foundation in 2010, when he co-founded the company alongside CEO Kristian Nylén. Prior to that, he played a key role in launching Kindred Group in 1997. Ström has been serving as a board member of Kambi since its inception.
In other news, Kambi recently released its Q3 results, which demonstrated positive performance. Despite losing Penn Entertainment, Kambi achieved year-on-year growth across its divisions. Notable highlights include a 15% increase in revenue, reaching €42.1m, driven in part by non-recurring fees related to Penn and Shape Games. EBITDA for the quarter rose by 3% to €13.9m, resulting in a slightly improved margin of 11.0%. Additionally, Kambi reported a 34.6% increase in net profit, amounting to €3.5m.
