MTG has a strong balance sheet thanks to proceeds from the divestment of ESL Gaming and the positive currency effects from its USD cash deposits. The group’s Board of Directors has therefore decided to launch a new share repurchase program. The program will aim to repurchase shares for a total amount of up to SEK 400 million until the Annual General Meeting 2023.
The program builds on MTG’s initiatives to deliver significant shareholder return in 2022. These include the two previously completed SEK 117 million and SEK 200 million share repurchase programs and the SEK 2,767 million share redemption program that was completed in July 2022.
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 2023. The value of the program (if utilized in full) equals 4.3 percent 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 Nordea Bank Abp which 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.
This disclosure contains information that MTG is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25-10-2022 19:15 CET.
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’).