The board of directors at Zeal Network SE has approved the beginning of a share repurchase program to shareholders for up to 3.2% of current share capital.
The announcement confirmed that the public repurchase offer will be up to 714,285 shares and may be used for any purpose permitted under the authorization granted by the Annual General Meeting on 30 June 2022.
Offering a price of €28 per share, the acceptance period for the repurchase offer will begin from November 9 and will close at midnight on November 29, subject to extension.
Updating investors, the company stated: “If more than 714,285 ZEAL shares are tendered for repurchase under the repurchase offer, declarations of acceptance will be considered on a pro rata basis, with offers of up to 100 shares being accepted on a preferential basis.”
Recent developments at Zeal have seen the German lottery firm expand into Latin America, partnering with Park Avenue Gaming to integrate its instant games into the American firm’s VLT in Argentina and Peru.
Moreover, it joined forces with LOTTO24 to launch online lottery products into ntv.de, the online channel of the German news channel.
Zeal is set to provide a trading update on November 10, when it publishes its Q3 financial report and hosts its corresponding investors call.