18.12.2023

by Mateusz Mazur

Evolution AB Enhances Shareholder Value with Share Buyback Program

Evolution AB, a key player in the iGaming industry, has recently implemented a strategic move to improve its capital structure and enhance shareholder value.

Evolution

This has been achieved through the acquisition of a significant number of its own shares, as part of a repurchase program initiated by its board of directors.

Overview of the Share Buyback Program

The repurchase program, which was announced by Evolution on November 23, 2023, aligns with the EU Market Abuse Regulation No 596/2014 (“MAR”) and Commission Delegated Regulation No 2016/1052 (“Safe Harbour Regulation”). Between December 11 and December 15, Evolution acquired a total of 238,100 own shares.

The share acquisition details are as follows:

  • December 11, 2023: 45,000 shares at a weighted average price of 1,155.0889 SEK, totaling 51,979,000.50 SEK.
  • December 12, 2023: 56,100 shares at 1,153.1816 SEK, amounting to 64,693,487.76 SEK.
  • December 13, 2023: 45,000 shares at 1,176.9114 SEK, totaling 52,961,013.00 SEK.
  • December 14, 2023: 47,000 shares at 1,178.2795 SEK, totaling 55,379,136.50 SEK.
  • December 15, 2023: 45,000 shares at 1,192.1142 SEK, totaling 53,645,139.00 SEK.

All transactions were conducted on Nasdaq Stockholm by Citibank on behalf of Evolution.

Evolution’s Current Shareholding

Following these acquisitions, Evolution’s holding of own shares amounted to 2,451,134 as of December 15, 2023. The total number of shares in Evolution is 215,604,777.

Recalling a recent significant event, Evolution CEO Martin Carlesund invested approximately SEK 100 million in the company, buying 99,787 shares at an average price of SEK 1002.14 per share. This action, seen as a strong vote of confidence in Evolution’s future, complements the current share buyback program, demonstrating leadership’s belief in the company’s strategic direction and growth potential.

Our Comment on the Article

Evolution AB’s share buyback program is a strategic initiative that reinforces the company’s commitment to creating shareholder value and optimizing its capital structure.

This move, coupled with the CEO Martin Carlesund’s substantial personal investment, sends a powerful message about the confidence in the company’s future prospects and its robust market position.

Such initiatives not only reflect strong internal confidence but also potentially influence investor perception positively, highlighting Evolution’s stable and progressive trajectory in the competitive iGaming landscape.

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