Such a strategic move should have many significant long-term benefits to the organization, aligning with its goals to streamline its business and refocus on core markets. A sturdy financial foundation will be instrumental in Catena Media’s planned 2024 North Carolina launch, requiring significant capital and lasting shareholder confidence.

The Company Completed Its Short-Term Objectives

Catena Media’s shareholders approved the share buyback program during the extraordinary general meeting on 12 July, following an initial resolution from 24 May. The organization noted that the initiative aimed to improve shareholder value while optimizing the underlying capital structure by reducing its share capital. To that end, Catena Media planned the subsequent cancellation of repurchased shares.

During the designated buyback period, Catena Media effectively repurchased 264,969 ordinary shares. The company now has 2,053,976 ordinary shares, while 78,769,812 outstanding shares remain available. This measured approach reflects the organization’s commitment to prudent financial management and its dedication to providing long-term shareholder value.

Carnegie Investment Bank AB facilitated all share repurchases on Nasdaq Stockholm on behalf of Catena Media, guaranteeing a fair and transparent process. The executed buyback demonstrates the company’s confidence in its prospects and underscores its proactive approach to optimizing its capital structure and aligning its financial strategies with its growth objectives. 

Significant Corporate Debt Presents a Pressing Concern

Catena Media’s dedication to prudent financial practices and its focus on generating sustainable value has positioned the company as a leader in the competitive iGaming affiliate marketing sector. Its Q1 2023 financial results reflected significant room for growth despite the dip in revenue. Catena CEO Michael Daly was optimistic about the company’s prospects, predicting new successes.

A stable financial foundation should prove instrumental for Catena’s long-term ambitions. The affiliate is preparing for a 2024 North Carolina launch, hoping to leverage the state’s significant potential. However, Catena’s large corporate debt still presents significant challenges, and its board is considering every avenue to tackle this problem.

As Catena Media continues to navigate the dynamic landscape of the iGaming industry, its commitment to responsible financial management and value creation remains steadfast. With the completion of this share buyback program, the company is well-positioned to pursue its strategic objectives, leverage emerging market opportunities, and contribute to the continued growth and innovation within the affiliate marketing sector.

The post Catena Successfully Completes Share Buyback Program appeared first on Keno Wizard.

Catena Media, a global leader in generating high-value leads for operators of online casino and sports betting platforms, has unveiled a new SEK 55 million ($5.36 million, current conversion rates) share buyback program.

The buyback was approved by the company’s board of directors during the extraordinary general meeting on July 12 and following an initial resolution from May 24.

As announced by the company, the share buyback program will be managed by a third-party investment firm or credit institution that will independently make decisions on the timing of the buybacks. Any acquisition of Catena Media’s own shares will be made on Nasdaq Stockholm, Catena Media added.

Catena Media also noted that the goal of the initiative is to improve shareholder value while optimizing the company’s capital structure through a reduction of its share capital. To that end, Catena Media also plans subsequent cancellation of repurchased shares.

Catena Media explained that the program will take all applicable regulations in mind, including the rules of Nasdaq’s Nordic Main Market Rulebook for Issuers of Shares.

The Program Must Follow Five Conditions

Catena Media outlined five major conditions that its share buyback program must follow:

First of all, the buybacks will be made on one or several occasions by December 31. In addition, the maximum price of shares that the company may buy back is SEK 55 million ($5.36 million).

Furthermore, Catena Media noted that shares may be repurchased to the extent that Catena Media’s holdings of its own shares do not surpass 10% of its total issued share capital and that the total number of shares should not exceed 7,203,534 shares.

The fourth condition is that Catena Media may only repurchase shares at a price within the price interval recorded on Nasdaq Stockholm. Finally, Catena Media must make all payments in cash.

Catena Media noted that it currently holds around 0.8% of its ordinary shares (614,193). For reference, the company has a total of 78,769,812 outstanding shares.

The company promised to keep releasing updates on the repurchases of its own shares, as required by Nasdaq Stockholm’s rules.

Last month, Catena Media confirmed its plans to launch in North Carolina next year. The announcement coincided with the legalization of betting and the expected launch of a local market in 2024.

In May, the company published its Q1 report, demonstrating strong results in spite of a slight revenue dip.

The post Catena Media Unveils $5.4M Share Buyback Program appeared first on Keno Wizard.