Modern Times Group MTG AB (OM:MTG B) commences an Equity Buyback Plan for 3,179,550 shares, representing 2.41% of its issued share capital, under the authorization approved on May 16, 2024.
May 28, 2024 at 05:00 pm
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Modern Times Group MTG AB (publ) (OM:MTG B) commences share repurchases on May 17, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 16, 2024. As per the mandate, the company is authorized to repurchase up to 3,179,550 shares, representing 2.41% of its share capital. The shares will be repurchased in a manner such that the company's holding does not at any time exceed 10% of the total shares in the company. The repurchase may only occur at a price within the share price interval registered at that time, where share price interval means the difference between the highest buying price and lowest selling price. The purpose of the authorization is to deliver long-term shareholder value and increase the returns to shareholders and/or to give a possibility to the company to transfer own shares to the participants in the company's long-term incentive programs. The authorization will be valid until the conclusion of the company?s next Annual General Meeting in 2025. As of April 12, 2024, the company had 131,668,727 shares in issue, out of which 545,662 were Class A shares, 124,798,722 were Class B shares and 6,324,343 were Class C shares. The company held 3,662,980 Class B shares and 6,324,343 Class C shares in treasury.
On May 6, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to SEK 400 million. The repurchased shares will be cancelled. The repurchases will commence on May 17, 2024, and the program will expire on April 30, 2025.
Modern Times Group MTG AB is a Sweden-based entertainment company. The Company operates in two segments: Esport and Gaming. The Esport segment is made up of ESL, Dreamhack and MTG VC-fundâs investments in esport related companies. Through ESL and Dreamhack,the Company operates national and international tournaments as well as grassroots amatuer cups, leagues and festivals. The Gaming segment is made up of InnoGames, Kongregate and MTG VC-fundâs investment in gaming-related companies. InnoGames is publisher of mobile and on-line games. InnoGamesâ complete portfolio encompasses seven live games and several mobile titles in production. InnoGames is focused on the free-to-play segment and provides players with a cross-platform experience on PC and mobile devices. Kongregate is mobile game publisher and developer. The Company operates worldwide.
Modern Times Group MTG AB (OM: MTG B) commences an Equity Buyback Plan for 3,179,550 shares, representing 2.41% of its issued share capital, under the authorization approved on May 16, 2024.