(MENAFN- ABN Newswire)
BetMakers Technology Group Ltd (ASX:BET) (OTCMKTS:TPBTF) has today announced it intends to conduct an on-market share buy-back of up to 10% of the Company ('Buy-Back').
The Buy-Back is expected to commence on 12 July 2022.
BetMakers CEO Todd Buckingham said:
'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.
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.
BetMakers is in a strong financial position with our improving cashflow and with current market dynamics providing us with an opportunity to maximise shareholder value via a Buy-Back.'
The Buy-Back will be funded from BetMakers' existing cash reserves. BetMakers will conduct the Buy-Back within the '10/12 limit' permitted under the Corporations Act 2001 (Cth), which provides that the Company may buy back up to 10% of the smallest number of shares issued at any time during the last 12 months, in any 12-month period without shareholder approval. BetMakers reserves the right to vary, suspend or terminate the Buy-Back at any time.
(ASX:BET ) (OTCMKTS:TPBTF) is an ASX-listed holding company and a global provider of online wagering products and services to both wholesale and retail markets through its various wholly owned subsidiaries. The Company operates a retail wagering business, offering consumers wagering, fantasy tournament and content products and services.
Charly Duffy
Company Secretary
E: M: + 61-409-083-780
Jane Morgan
Investor and Media Relations
E: M: +61-405-555-618
MENAFN24062022000111011020ID1104426197
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.