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Owner of Betway, Super Group launches $25 million buyback plan

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On January 11, 2023, the board of directors at Super Group approved the buyback of ordinary shares worth up to $25 million on or before December 31, 2023.

Although the repurchase was placed before the end of the year, the board of directors has the leverage to either extend or reduce the time frame.

The Super Group, which is an operator of the Betway and Spin brands and has many licenses in numerous international countries in Europe, Africa, North America, and South America, informed its investors that it was under no obligation to buy back any shares.

They stated that any shares bought back under the scheme will either take place in prearranged off-market transactions or on the open market at current rates.

The chief financial officer of Super Group, Alinda van Wyk, used the opportunity to discuss the organization’s solid loan-free financial statement. She went on to discuss the company’s goal of using capital to make long-term investments and cash distributions to investors that will increase profitability.

“Our debt-free balance sheet is strong and we actively consider using cash to drive long-term shareholder value through investment and through returning cash to shareholders,” said Wyk. “We believe a modest share repurchase programme is an efficient potential use of cash depending on market circumstances.”

In Alinda’s opinion, the recently implemented share repurchase scheme would demonstrate the effective use of resources relative to various market outcomes.

Alynda has over 20 years of expertise in the online gaming industry, directing the finance team at Carmen Media Group and using her sophisticated financial analysis, testing, and reporting abilities at Digital Outsource Services (DOS), among other areas. From a position of outsourcing partner, the latter evolved into Super Group’s partner in sustaining its internationally renowned brands. Later, DOS became a member of the crew.

This buyback has launched following Super Group’s cancellation of earnout exemptions and private warrants related to its NYSE offering in December last year. Based on a comprehensive review of its NYSE shareholdings and stock remuneration, the group’s executive team decided to eliminate the prospective issuance of about 78.8 million ordinary shares, bringing the fully diluted share count down to 502.41 million shares, or about 13.6% fewer.

Super Group continues to aim for US expansion in 2023, nearly a full year after its initial NYSE listing. The company just finished buying Digital Gaming Corporation (DGC), which has access to the industry in 12 states.

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