TPBTF - Betmakers Technology Group Ltd (TPBTF) Announces On-Market Share Buy-Back
Sydney, Australia (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.
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.
About Betmakers Technology Group Ltd:
Betmakers Technology Group Ltd (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.
Source:
Betmakers Technology Group Ltd
Contact:
Charly Duffy
Company Secretary
E: companysecretary@thebetmakers.com
M: + 61-409-083-780
Jane Morgan
Investor and Media Relations
E: investors@thebetmakers.com
M: +61-405-555-618