Company intends to repurchase its own stocks
The Swedish gaming giant, Embracer Group, has announced its plans for share repurchases and the spin-off of the Coffee Stain Group at its Annual General Meeting (AGM) today at 15:00 CET.
At the AGM, CEO Phil Rogers and CFO Müge Bouillon will present updates on the company's operations. The event will be live-streamed for shareholders and interested parties.
Embracer Group plans to repurchase its own shares for approximately €45 million, with the repurchased shares becoming part of the company's own shares. The repurchase process is expected to be completed by early December.
A key topic of the AGM is the planned spin-off of the Coffee Stain Group, which will operate under the name Fellowship Entertainment once independent. THQ Nordic (Vienna) and Plaion (Hofen / Planegg) will also be part of the company operating under Fellowship Entertainment.
The Coffee Stain Group spin-off will see the company listed as an independent entity on the stock exchange, but no information about the timing or the value of the Coffee Stain Group has been provided.
The announcement of the share repurchases has positively impacted the share price of Embracer Group, with the share price gaining around 6% at the start of trading today. However, the value of individual shares in Embracer Group may fluctuate due to various factors, including the share repurchases.
It's worth noting that the repurchase process does not include any specific shares mentioned, and no information about the timing of the Coffee Stain Group spin-off is provided in this announcement.
The gaming company, currently valued at around €2 billion at the stock exchange, will provide further updates on these developments during the AGM. The presentations from CEO Phil Rogers and CFO Müge Bouillon are expected to offer insights into the company's future plans and strategies.
Stay tuned for more updates from the Annual General Meeting of Embracer Group.
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