One of the leaders in the gambling market announced his desire to buy back his shares. What are the reasons for such a move?
The price of the issue.
The gambling software company has announced its intention to buy back its shares for 50 million euros. That’s as many as 6 million shares, but only 1.85% of their total.
What do we know about Playtech?
It is estimated that Playtech’s current price is in the region of $3.30 billion. The company was founded by Israeli businessman Teddy Sagi and has been operating on the London Stock Exchange since 2006. Its clients include Ladbrokes, Coral and William Hill and Bet365, which are widely known among sports fans.
What are the goals of such an action?
According to the company, this step should show that the company has the money to invest and grow. They also assure that although to reduce the size of the company’s share capital.
In this purpose, they will be helped by the Canadian broker Canaccord Genuity Limited. The whole process should take place before the end of the year, and the repurchased shares are promised to be repaid immediately.
