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Aug 14, 2023 13:11 EEST
August 14 (SeeNews) - Online betting operator Telematic Interactive Bulgaria [BSE:TIB] said it is proposing to its shareholders to endorse a share buyback programme targeting up to 3% of the company's equity capital per year and up to 10% in total.
Telematic Interactive is seeking to repurchase the shares at a price between 14 levs ($7.9/7.2 euro) and 17 levs apiece, it said in a bourse filing on Friday. The planned share buyback programme will run until the end of 2024.
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The repurchase will be carried out to partly finance a proposed deal for the purchase and sale of equity in another company, Telematic said, without disclosing further details about the transaction.
Sofia International Securities will act as investment intermediary on the share buyback.
The proposal will be put to the vote at an extraordinary general meeting of shareholders on September 18.
Telematic Interactive's equity capital is currently divided into 12.96 million voting shares of 1 lev in par value each.
As of 1115 CET on Monday, shares in the company traded 7.09% higher at 15.10 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)
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