Bragg Gaming Group witnessed a remarkable 14% rise in its share price by the end of trading on December 10, following an announcement of a noteworthy insider share acquisition.
This news propelled Bragg’s stock to reach C$5.28 (£2.92) on the Toronto Stock Exchange, up from C$4.63 on December 9.
Just a month earlier, on November 14, the company’s shares had plummeted by over 30% after concluding a strategic review, which resulted in postponing any plans to sell the supplier.
Year-to-date, Bragg’s shares have declined by 24.1%, and at the time of reporting, its market capitalization stands at C$132.2 million.
Although Bragg did not specify the number of shares acquired by senior management and board members, the company highlighted that this move reflected strong internal confidence.
Regarding the strategic review, management outlined several “key focus areas” aimed at driving the business forward.
The company stated, “Following the conclusion of the board’s exploration of strategic alternatives, initiatives aimed at strategic growth and ensuring liquidity remain high priorities.”
Bragg indicated that it plans to release formal guidance for 2025 early next year. However, they anticipate a robust year characterized by “double-digit revenue growth, enhanced profit margins, and increased operational leverage.”
Matevž Mazij, Bragg’s CEO, commented on the stock purchase, emphasizing the leadership’s faith in the company’s “immediate potential.”
He stated, “We are steadfast in our commitment to enhancing shareholder value and providing liquidity opportunities in the coming year through strategic transactions or other initiatives designed to increase value.”
Mazij added, “Even though the strategic review process is complete, our unwavering dedication to these goals as we move into 2025 remains firm.”
Reflecting on the lessons learned from the strategic review, Mazij mentioned the acquisition of essential insights.
He elaborated, “The strategic review offered critical insights into the priorities of potential buyers when formulating offers that truly reflect our inherent value.”
“We have pinpointed significant focus areas including improved cash generation, further revenue diversification, accelerated growth of proprietary content, and enhanced margins,” he added.
Mazij concluded, “While the formal review is over, it has sharpened our attention on crucial metrics. These are concrete and actionable targets that have been central to our strategic plans, and we are confident in achieving them under our 2025 strategy.”
The article Bragg Gaming shares spike 14% following insider share acquisition was initially published on EGR Intel.
