GTech approves share buyback plan

Jul 01, 2014 Newsdesk Industry Talk, Latest News, Top of the deck, World  

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Milan-listed GTech SpA on Monday said it would undertake a share repurchase programme to fulfil management stock incentive plans. The company’s board approved the buyback of up to 1,782,426 of its own shares, GTech said in a statement.

GTech is a commercial lottery operator and provider of technology in regulated gaming markets, including slot machines under the SPIELO brand.

Based on Monday’s closing price of EUR17.85, GTech would pay about EUR31.8 million (US$43.6 million) for approximately 1 percent of its share capital.

“By September 30, 2014, the programme will be executed in full independence by a financial institution mandated for this purpose,” the company said in the statement.

“This maximum amount represents the number of shares required to fulfil management stock incentive plans of the stock granting type currently outstanding,” it added.

Last month, GTech confirmed talks to buy New York-listed gaming supplier International Game Technology (IGT).

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