MTG continues to have a strong balance sheet and has on multiple occasions stated its intention to continue to repurchase its own shares under the authorization granted to the Board of Directors by the 2023 AGM. The launch of a new share repurchase program was contingent on the cancellation of Class B shares held by MTG as a result of the three previous share repurchase programs in 2022 and 2023. This cancellation was completed earlier in August.
The repurchased shares shall be cancelled through a reduction of the group’s share capital, which requires an approval from the Annual General Meeting. The Board of Directors intends to seek such approval at the Annual General Meeting 2024. The value of the program (if utilized in full) equals approximately 3.3% of MTG’s current market cap (calculated on the basis of all MTG A and B shares, excluding shares held in treasury).
The share repurchase program will be carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (”MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”). The share repurchase program will be managed by Kepler Cheuvreux, who will make its trading decisions regarding the timing of the repurchase of MTG’s shares independently of MTG.
The share repurchase program is subject to the following terms:
Statements made in the press release relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of MTG.
For more information:
Anton Gourman, VP Communications and IR Direct: +46 73 661 8488, firstname.lastname@example.org
MTG (Modern Times Group MTG AB (publ.)) (www.mtg.com) is an international mobile gaming group that owns and operates gaming studios with popular global IPs across a wide range of casual and mid-core genres. The group is focused on accelerating portfolio company growth and supporting founders and entrepreneurs. MTG is an active driver of gaming industry consolidation and a strategic acquirer of gaming companies around the world. We are born in Sweden but have an international culture and global footprint. Our shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).