STOCKHOLM--(BUSINESS WIRE)--The board of directors of G5 Entertainment AB (publ) (the “Company” or “G5 Entertainment”) has resolved to initiate repurchase of ordinary shares through authorization by the Annual General Meeting in the Company on 8 June 2020. The purpose with the authorization is to provide the Board with greater possibilities to adapt the capital structure of the Company to the capital requirement from time to time and thus be able to contribute to increased shareholder value. In addition, the authorization intends to enable the board to transfer shares in connection with acquisitions of companies through payment in the form of the Company's own shares or to use repurchased shares to settle the Company’s long term incentive program which entails a lower future dilution.
Repurchase of ordinary shares may be executed, on one or several occasions, until the end of the next annual general meeting in the Company. However, the holding of own shares may not at any time correspond to more than ten (10) percent of the total number of shares in the Company. At the time of this press release the Company already holds 260,000 own class C shares and 273,850 ordinary shares and may repurchase a maximum of 394,285 ordinary shares. Repurchase shall be made at a price per share within the price range of Nasdaq Stockholm at any given time, which means the interval between the current highest purchase price and the lowest selling price published on a regular basis by Nasdaq Stockholm. Payment for the shares shall be paid in cash.
G5 Entertainment has instructed ABG Sundal Collier AB to repurchase ordinary shares on behalf of the Company.
At the date of announcement of this press release, the Company holds 260,000 own class C shares and 273,850 own ordinary shares, corresponding to 5.75 percent of the total number of shares in the Company.
This information is information that G5 Entertainment AB is obliged to make public under the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 00:30 (CET) on June 9, 2020.
About G5 Entertainment
G5 Entertainment AB (publ) develops and publishes high quality free-to-play games for both smartphones and tablets that are family-friendly, easy to learn, and targeted at the widest audience of both experienced and novice players. The group distributes their games through the Apple, Google, Amazon, and Windows application stores. The company’s portfolio includes popular games like Jewels of Rome®, Hidden City®, Mahjong Journey®, Homicide Squad®, The Secret Society® and Wordplay: Exercise your brain™.
Through its head entity G5 Entertainment AB (Publ), the G5 Entertainment Group is publicly listed on Nasdaq Stockholm main market mid cap under trade symbol G5EN.ST. G5 Entertainment has been ranked in Deloitte’s Top 500 Fastest Growing Tech Companies in Europe, the Middle East and Africa for 6 years in a row.
More information about G5 Entertainment can be found at http://www.g5e.com/corporate.