BWIN.PARTY TO SPEND MILLIONS BUYING BACK SHARES
MonDay, May 7,2012 : BWIN.PARTY TO SPEND MILLIONS BUYING BACK SHARES
Numis Securities given a budget of GBP 17 million
Online gambling group Bwin.Party digital entertainment has allocated up to a further GBP 17 million for the repurchase of ordinary shares for cancellation, the company reported in a stock exchange advisory Friday.
"Numis Securities [is] to lead-manage a non-discretionary arrangement to repurchase up to GBP17 million of ordinary shares in the capital of the company on its own behalf for cancellation," the statement advised.
"The Arrangement allows Numis Securities to make its trading decisions in relation to the company's securities independently of, and uninfluenced by, the company with regard to the timing of the purchases."
The buyback will commence on May 7 and any acquisitions will be made within certain pre-set parameters, and in accordance with both the company's general authority to repurchase shares and Chapter 12 of the Listing Rules.
On the same day, Bwin.Party announced that it had already purchased, through an independent third-party, 250,308 of its ordinary shares for cancellation at an average price of 159.9 pence per share. The highest price paid was 161.7 pence per share and the lowest price paid was 156.4 pence per share.
The group confirmed that it has now bought back 31,722,090 shares for cancellation since 6 September 2011, when the buyback programme commenced.
Bwin.Party also announced that on 4 May 2012 the Bwin.Party Shares Trust purchased 1,000,000 bwin.party ordinary shares at an average price of 160.13 pence per share. Funds to carry out this purchase were gifted to the Trust by the company and these shares will be used to satisfy share awards made in accordance with the company’s remuneration policy.