Kambi Group plc
30 May 2023 - 05:00
Convertible bond of €7.5 million was issued by Kambi to Kindred as part of spin-off in 2014
Kambi Group plc has repaid the full €7.5 million convertible bond previously held by Kindred Group.
The convertible bond was established as part of Kambi’s spin-off from Kindred in 2014 and having satisfied certain financial performance criteria, Kambi last year announced it had secured the right to repay the bond at a time of its own discretion.
The repayment of the convertible bond means Kambi will no longer be required to seek prior consent from Kindred for certain events and eliminates the prospect of Kindred converting the bond into shares, which would have given the operator a controlling influence over Kambi.
The repayment of the convertible bond has no impact on the partnership between Kambi and Kindred, which was renewed in 2022 and runs until the end of 2026.