Euro 50 million's worth of shares back in the company treasury
Over the past week online gambling and financial services group Playtech has been steadily executing the board's decision to buy back shares out in the market, and on Wednesday the company announced that it has completed the initiative.
In a company statement Playtech revealed that it has purchased a total of 5,280,000 ordinary shares at a cost of Euro 50 million, which was funded from the company's existing cash resources.
Two weeks ago Playtech announced the buy-back, advising in a statement to the London Stock Exchange that its goal was to reduce the company's share capital by means of re-purchasing its ordinary shares out in the market. The company set an upper limit of 6 million shares, representing approximately 1.85 percent of the company's equity, in the buy-back.
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