- BetMakers (BET) announces plans to conduct an on-market share buy-back of up to 10 per cent of the company
- The company will be able to purchase up to 10 per cent of the smallest number of shares on issue in the last year, without shareholder approval
- The buyback will be funded from its existing cash reserves and is expected to commence on July 12
- BET says the move will unlock shareholder value by taking advantage of ithe company’s strong financial position and current market conditions
- Shares in BetMakers are up 20 per cent to 36 cents at 10:34 am AEST
BetMakers (BET) has announced plans to conduct an on-market share buy-back of up to 10 per cent of the company.
The company will be able to purchase up to 10 per cent of the smallest number of shares on issue in the last year, without shareholder approval.
This would see the buy-back of about 90.3 million shares.
The buyback will be funded from its existing cash reserves and is expected to commence on July 12.
CEO Todd Buckingham said Betmakers would be able to take advantage of its strong financial position and current market conditions to maximise shareholder value via a buy-back.
“We continue to take a disciplined approach to capital allocation, discerning between opportunities to invest for future growth, and we are constantly looking at methods of returning value to shareholders both organically and inorganically,” he said.
“As a business, we have signed and announced deals that we believe will give the company strong organic growth in FY23 and we expect this momentum to continue.”
Shares in BetMakers were up 20 per cent to 36 cents at 10:34 am AEST.