laytech revealed in a statement to the London Stock Exchange that the recent trading price of its ordinary shares ‘does not reflect their underlying value’ with the buy-back set to be conducted by brokers Collins Stewart and Deutsche 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 is a truly world-class business that generates substantial free cashflow,” said Roger Withers, Chairman for Playtech. “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,” he concluded.