Catena Media has completed its share buyback program, which ran from July 31st to August 4th. This program was approved by the shareholders of the company at an extraordinary general meeting on July 12, 2023, and also approved by the board of directors on July 17, 2023.
The aim of the program was to increase the value of shares for shareholders and optimize the capital structure by reducing the company’s authorized capital through the redemption of repurchased shares.
As a result, from July 31 to August 4, Catena Media made a buyback of 264,969 ordinary shares.
With the completion of the share buyback program, Catena now has a total of 2,053,976 common shares of its own. At the same time, 78,769,812 shares in circulation continue to be on the market.
All stages of the share buyback were carried out on the Nasdaq Stockholm exchange through Carnegie Investment Bank AB, which acted on behalf of Catena Media and was authorized to make decisions on share buyback transactions independently of Catena Media.
Recent corporate events have resulted in Catena agreeing to sell its UK and Australian betting assets to Moneta Communications Ltd for €6 million in cash.
Proceeds from this sale were used to reduce corporate debt as Catena’s board of directors continues to consider various strategic options, including the possibility of a direct sale of the business.
The publication of the results of the auction for the first half of the year by Catena Media is scheduled for August 22, 2023.
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