Swedish gaming operator Betsson will distribute a total of SEK549.4m (€59m) to the company’s shareholders after implementing a share split and automatic redemption of its shares.
Following a decision made during its Annual General Meeting earlier this month, a share split will be implemented, whereby one share in Betsson is converted into four shares.
This will be comprised of three ordinary shares and one redemption share, effectively an ordinary share split of 3:1 and one additional redemption share.
The record date for the share split is Monday May 25th, which means that the last day of trading before the split and right to redemption share is this Friday May 22nd.
As a result of this procedure, the company will distribute a total of SEK549.4m to Betsson's shareholders on June 16th, equivalent to SEK11.94 per share, based on the number of shares before the share split.
After the split, the new total number of Betsson’s shares will be 16.3m Class A shares, 121.9m Class B shares and 1.5m Class C shares, and 5.4m Class A redemption shares, 40.6m Class B redemption shares and 0.5m Class C redemption shares.
Class C shares are held by the company itself and no redemption price will be paid for any redemption shares of Class A, Class B or Class C that are held by the company.
Trading in redemption shares takes place from May 26th up to and including June 8th. The record date for the redemption of shares is June 11th, at which point the outstanding number of shares then returns to 16.3m Class A shares, 121.9m Class B shares and 1.5m Class C shares.
The AGM also resolved to re-elect Pontus Lindwall, Patrick Svensk, Kicki Wallje-Lund and Lars Linder Aronson, and newly elect Martin Wattin and Jan Nord, as members of the company’s board. Lindwall was re-elected as chairman.
Shares in Betsson AB (Co. Data) (OMX:BETS-B) hit a new 52-week high of SEK375.40 per share in Stockholm this morning following the announcement, before dropping back to its current price of SEK372.80.