FTSE-listed gambling technology provider Playtech Plc has today informed investors that it plans to issue a 6 million ordinary share buyback programme, representing approximately 1.85% of the company’s equity.
The share sale is valued at circa €50 million and will be conducted by investment bank Canaccord Genuity in accordance with FTSE rules.
Confirming its planned buyback programme Playtech stated that the share sale would have no impact on any potential M&A activity. Furthermore, Playtech governance detailed that the company had sufficient cash reserves to be able to buy back the shares should future market pricing offer a ‘compelling valuation’.
“Playtech aims to operate its financials division at the very highest standards of regulation and therefore confirms that last week’s publication by the Cyprus Securities and Exchange Commission and today’s proposals from the Financial Conduct Authority are not expected to have a material impact on Playtech’s financials division.” The company detailed in its latest corporate statement.
Playtech governance plans to open the firm’s buyback program in the coming days, detailing that shares purchases would be made available until its outlay target is met or 31 December 2016.
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