(small update #2) SmartCraft plans/evaluates a move to the Stockholm stock exchange.
https://smartcraft.com/investor-relations/stock-exchange-notices/#5CAB74FB57DBD811
The company has also continued its customary practice of buying back its own shares. It currently owns approximately 5.5m shares.
Q2. Surprisingly good in terms of numbers, despite the challenges in Norway and Finland. The UK was indeed an excellent opening last year.
That Y-o-Y 7% organic ARR growth was quite a nice performance in the current market situation. And profitability was again steadily increasing.
The UK has indeed been a good start. I believe that by the end of the year, the UK will easily surpass Finland.
Letâs continue the dialogue and informing with Ja
admicom has seen some quite interesting price action after the interim report, but thatâs been the case here as well this year! Over the last three weeks, nearly a quarter of the market value has been wiped out. There hasnât really been any actual negative news from the company or, as far as I know, from the market, so I suspect whether the upcoming transfer of the listing to the Swedish stock exchange is causing forced selling in some funds.
If this is the main reason, it would be a quite interesting entry point if youâre interested in exposure to the industry. Itâs been a while since itâs been possible to get on board at these multiples.
Today, March 16th, Smartcraft announced a 75m NOK tender offer to put an end to the unnecessary sell-off of the shareâs market value (granted, all SaaS stocks have taken a beating). At the same time, the previous share buyback program ended, but only 5m NOK was left of it.
This is how cash is used effectively when even the board considers the stock cheapâ
Management clearly has a good tactical sense. Share buybacks aim to create shareholder value, and then thereâs the move of the listing to Stockholm, that hub for growth companies.
How does the pricing work in that share buyback? Are those also sold at the daily market price in that tender offer? I didnât spot it at a glance in the announcement.
Each interested seller states the price at which they are willing to sell to the tender. By the deadline, the board decides on a cut-off price; trades meeting the threshold are executed, and those that donât are not. In other words, there is no fixed price in advance.
Update:
Ownership changes hands at a price of 18 NOK per share for the full 75 million.
https://news.cision.com/smartcraft-asa/r/smartcraft-asa--smcrt----share-buy-back-result,c