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Playtech reveals their buy-back programme

Playtech, a gaming software developer released a statement that it will soon be buying the 10% of its issued ordinary shares back hoping that it will increase their current price.

Recent reports suggest that Playtech’s current market capitalisation is £747.4 million. This says that Playtech suffered a decrease of 30% in shares compared to the previous year.

In a statement to London Stock Exchange, Playtech said that the recent trading price of its ordinary shares ‘does not reflect their underlying value’. The buy-back programme will be conducted by brokers Collins Stewart and Deutsche Bank Bank ‘in accordance with the terms of the general authority to make market purchases of its own shares given to the company under its articles of association’ Playtech revealed.

Roger Withers, Playtech’s chairman stated that “Playtech is a truly world-class business that generates substantial free cash flow.”

He added that “our recent trading and contract win announcements should not only provide the market with comfort in respect of our existing business but also demonstrate the substantial opportunities that are available to drive future growth.

“We expect that the market will recognise the true value of our business. Should the public markets continue to offer an opportunity for us to purchase shares at what the company believes are compelling valuations, the board must retain the ability to utilise a portion of our cash resources for the benefit of all of our long-term shareholders.”

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