Kindred Group Pursues Delisting from Nasdaq Stockholm
In a significant move this year, Kindred Group plc has officially applied for the delisting of its Swedish Depository Receipts (SDRs) from Nasdaq Stockholm. This decision follows a recent recommendation from La Française des Jeux SA ("FDJ"), which launched a public offer for the SDRs held by Kindred shareholders. The offer, set at SEK 130 per SDR, was declared unconditional after FDJ accumulated around 98.60 percent of the outstanding SDRs.
Background of the Delisting Application
The public offer was initiated on January 22, and by October 3, FDJ announced that it had gained ownership of approximately 90.66 percent of all outstanding SDRs. Over this period, FDJ continued to strengthen its position by acquiring an additional 2,400,000 SDRs, further consolidating its control. In light of their growing stake, FDJ extended the acceptance period until October 18, during which an additional 14,734,917 SDRs were accepted, raising their total to 212,794,208 SDRs.
Understanding the Implications of Delisting
The delisting process reflects not only the successful acquisition by FDJ but also the strategic direction Kindred Group is choosing to pursue. With the intention to streamline operations and focus on core offerings, the board of Kindred has put forth this application consistent with FDJ's request and will announce the last trading day once it has been confirmed by Nasdaq Stockholm.
The Future of Kindred Group
As Kindred Group looks forward, they plan to enhance their focus on providing a safe and fair online gambling environment across numerous markets. With over 30 million customers through nine distinct brands, Kindred has established itself as a leader in the gambling sector. This delisting may potentially unlock more agile operational capabilities, allowing for better integration of FDJ’s strategic insights.
About Kindred Group
Kindred Group is internationally recognized as one of the foremost online gambling operators. Their expansive operations across Europe and Australia demonstrate their commitment to offering top-tier entertainment to a diverse customer base in a responsible and sustainable manner. Employing around 2,500 skilled individuals, the firm is listed on Nasdaq Stockholm Large Cap and actively participates in the European Gaming and Betting Association (EGBA) and is a founding member of the International Betting Integrity Association (IBIA). Recently, La Française des Jeux has emerged as the majority shareholder of Kindred Group.
Contact Information
For further inquiries, Patrick Kortman, Interim CFO, remains available for detailed discussions regarding this transition and the company's future direction.
Frequently Asked Questions
What prompted Kindred Group to apply for delisting?
The decision to pursue delisting from Nasdaq Stockholm was influenced by FDJ's successful acquisition offer, as they now control a significant majority of Kindred's SDRs.
How will the delisting affect current shareholders?
Shareholders will need to consider the implications of SDT ownership being squeezed out as FDJ completes its acquisition process.
What is the new strategy for Kindred Group?
Post-delisting, Kindred aims to enhance its focus on providing online gambling solutions while aiming for operational efficiencies under FDJ's guidance.
When will Kindred announce the last trading day?
Kindred will announce the final trading day once Nasdaq Stockholm confirms the details surrounding the delisting process.
What is the importance of FDJ's acquisition for Kindred?
FDJ's acquisition secures its influence over Kindred, positioning the company for potentially streamlined operations and growth under FDJ's strategic guidance.
