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Announcement from LeoVegas 2021 Annual General Meeting
The 2021 Annual General Meeting (AGM) of LeoVegas AB (publ) (“LeoVegas” or the “Company”) was held today, 11 May 2021, at which the shareholders approved the following resolutions. Due to the ongoing corona pandemic, the AGM was carried out through postal voting only, without physical presence.
CEO presentation
CEO, Gustaf Hagman, sums up 2020 and the start of 2021. The presentation can be seen via this link.
Adoption of the income statement and balance sheet
The AGM resolved to adopt LeoVegas’ income statement and balance sheet as well as the consolidated income statement and consolidated balance sheet
Distribution of profit
The AGM resolved, in accordance with the Board of Directors’ proposal, that of the amount available for distribution to the shareholders, totaling EUR 34,973,570, SEK 160,290,602 shall be distributed to the shareholders, corresponding to an amount of SEK 1.60 per share, and that the remainder, EUR 19,029,968 shall be carried forward. In addition, it was resolved, in accordance with the Board of Directors’ proposal, that dividends will be paid four times in the amount of SEK 0.40 per share.
| Dividend no. | Last trading day with dividend entitlement | Record date | Distribution date | Amount (SEK) |
| 1 | 11 May 2021 | 14 May 2021 | 19 May 2021 | 0.4 |
| 2 | 5 July 2021 | 7 July 2021 | 12 July 2021 | 0.4 |
| 3 | 5 October 2021 | 7 October 2021 | 12 October 2021 | 0.4 |
| 4 | 4 January 2022 | 7 January 2022 | 12 January 2022 | 0.4 |
DISCHARGE FROM LIABILITY
The board members and CEO were discharged from liability for the 2020 financial year.
ELECTION OF THE BOARD OF DIRECTORS AND AUDITOR, AND DIRECTORS’ AND AUDITORS’ FEES
The AGM resolved that the Board of Directors shall consist of seven directors and no deputy directors. It was resolved that the Company shall have a chartered auditing firm as auditor.
In addition, it was resolved in accordance with the Nomination Committee’s proposal that directors’ fees shall amount to a total of SEK 3,000,000 including fees for committee work (preceding year: SEK 2,800,000) and shall be paid out to the directors and committee members in the following amounts:
- SEK 325,000 (SEK 300,000) for each non-executive director and SEK 650,000 (SEK 600,000) for the Chairman of the Board, provided that he is not an employee of the Company;
- SEK 50,000 (SEK 50,000) for each non-executive director serving as a member of the Remuneration Committee, and SEK 100,000 (SEK 100,000) for the Remuneration Committee chair, provided that he or she is not an employee of the Company; and
- SEK 50,000 (SEK 50,000) for each member of the Audit Committee and SEK 100,000 (SEK 100,000) for the Audit Committee chair.
In addition, it was resolved that the auditor’s fees shall be paid in accordance with approved invoices.
Per Norman, Anna Frick, Fredrik Rüden, Mathias Hallberg, Carl Larsson, Torsten Söderberg and Hélène Westholm were re-elected as directors. Per Norman was re-elected as Chairman of the Board.
PricewaterhouseCoopers AB was re-elected as the Company’s auditor. PricewaterhouseCoopers AB has announced that Authorised Public Accountant Aleksander Lyckow will continue as auditor-in-charge.
PRINCIPLES FOR APPOINTMENT OF THE NOMINATION COMMITTEE
The AGM resolved to adopt principles for appointment of the Nomination Committee in accordance with the Nomination Committee’s proposal (unchanged principles from the preceding year in all essential respects).
WARRANT BASED INCENTIVE PROGRAM FOR EXECUTIVE MANAGEMENT AND KEY INDIVIDUALS
The AGM resolved, in accordance with the board of directors’ proposal, to issue a maximum of 1,000,000 warrants, with deviation from the shareholders preferential rights, which may result in a maximum increase in the Company’s share capital of approximately EUR 12,000. The warrants shall entitle to subscription of new shares in the Company.
The warrants shall be subscribed for by the subsidiary Gears of Leo AB, with the right and obligation to, at one or several occasions, transfer the warrants to a maximum of 90 selected members of the management team, senior executives and key persons, at a price that is not less than the fair market value of the warrant according to the Black & Scholes valuation model and otherwise on the same terms as in the issuance.
The subscription price per share shall be determined to 130 percent of the volume weighted average price for the Company’s share on Nasdaq Stockholm during the period of five trading days starting with the day following 14 May 2021, i.e., 17 May 2021 up to and including 28 May 2021.
The warrants may be exercised for subscription of shares during the period from 1 June 2024 up to and including 30 June 2024.
The maximum dilution effect of the incentive program amounts to a maximum of approximately 1.0 percent of the total number of shares and votes in the Company, assuming full subscription, acquisition and exercise of all offered warrants.
AUTHORIZATION FOR THE BOARD OF DIRECTORS TO DECIDE ON REPURCHASE AND TRANSFER OF OWN SHARES
The AGM resolved, in accordance with the Board’s proposal, to authorize the Board of Directors to decide on purchases of the company’s own shares. Share repurchases may be made only on Nasdaq Stockholm or any other regulated market. The authorization may be exercised on one or more occasions before the 2022 Annual General Meeting. The maximum number of own shares that may be repurchased so that the Company’s holding of shares at any given time does not exceed 10 percent of the total number of shares in the Company. Repurchases of the Company’s own shares on Nasdaq Stockholm may only be made at a price within the range of the highest purchase price and lowest selling price at any given time. Payment for the shares shall be made in cash.
The AGM also resolved, in accordance with the Board’s proposal, to authorize the Board of Directors to to decide on transfers of own shares, with or without deviation from the shareholders’ preferential rights. Transfers may be made on (i) Nasdaq Stockholm or (ii) outside of Nasdaq Stockholm in connection with acquisitions of companies, operations or assets. The authorization may be exercised on one or more occasions before the 2022 Annual General Meeting. The maximum number of shares that may be transferred corresponds to the number of shares held by the Company at the point in time of the Board of Directors’ decision on the transfer. Transfers of shares on Nasdaq Stockholm may only be made at a price within the range of the highest purchase price and lowest selling price at any given time. For transfers outside of Nasdaq Stockholm, the price shall be set so that the transfer is made at market terms. Payment for transferred shares may be made in cash, through in-kind payment, or through set-off against claims with the Company.
The purpose of the authorizations is to give the Board of Directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and take advantage of any attractive acquisition opportunities.
AUTHORIZATION FOR THE BOARD OF DIRECTORS TO DECIDE ON NEW ISSUE OF SHARES
The AGM resolved, in accordance with the Board’s proposal, to authorize the Board of Directors, on one or more occasions, during the time up until the next Annual General Meeting, to decide to increase the Company’s share capital through a new issue of shares to such extent that it corresponds to a dilution of a maximum of 10 percent of the number of shares outstanding at the time of the Annual General Meeting calculated after full exercise of the issue authorization now proposed.
A new issue of shares may be carried out with or without deviation from the shareholders’ preferential rights. Shares issued with deviation from the shareholders’ preferential rights shall be issued at market terms. The Board of Directors shall have the right to decide on other terms for the issue. Payment may be made against cash payment, in-kind payment for through set-off against claims with the Company.
The purpose of the authorization is to give the Board of Directors greater scope to act and the opportunity to adapt and improve the Company’s capital structure and thereby create further shareholder value, and take advantage of any attractive acquisition opportunities.
REMUNERATION REPORT
The AGM approved the remuneration report.
For detailed terms regarding the above-described resolutions at the AGM, please refer to the complete proposals, which are available on the Company’s website: www.leovegasgroup.com.
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CJEU
Malta faces new dawn as EU courts gather strength
With Bill 55 on increasingly shaky ground amid a transitional era for online gambling, what does the future hold for Malta’s point-of-supply industry?
This week has seen the EU heap yet more pressure on Bill 55, a defensive measure introduced by the Maltese government to hold back a tidal wave of player refund lawsuits that could cost the industry hundreds of millions of euros.
Players in Austria and Germany have been able to successfully argue in court that they should be repaid all money lost to operators that offered gambling in their countries without a local licence. The cases stand to erase years of grey market earnings at many operators.
Bill 55, which in June 2023 became an official amendment to the Malta Gaming Act under the title Article 56A, allows judges to reject court rulings from other EU nations if they threaten the economic security of the island’s gambling industry.
It has served Maltese operators well since it was enacted, effectively blocking lawyers from passporting claims from Austria, Germany and elsewhere to the location where operators are legally headquartered, in order to force them to pay out.
This has triggered an international legal wrestling match, now being fought via a series of cases at the Court of Justice of the European Union (CJEU), the EU’s highest judicial authority.
So far, the judgements and opinions issued have not made comfortable reading for the Maltese industry or its regulatory officials.
Earlier this month, the court appeared to settle a longtime debate on which the entire premise of Malta as an offshore hub is founded. Judges said that the freedom to provide services within the EU does not allow for operators to ignore local prohibitions on certain types of gambling.
That was followed this week by an Advocate General (AG) advising judges that if they were to consider the legality of Bill 55, it should be struck down.
It also reaffirmed the court’s dim view of gambling as a cross-border service.
As the opinion put it: “Under the current state of EU law, Member States are under no obligation to recognise gambling licences issued by other Member States. Accordingly, a Maltese gaming licence is, in principle, valid only in Malta.”
This opinion is only advisory, and is unlikely to amount to anything in this particular case (C-683/24) because the AG also recommended that the case as a whole should be ruled inadmissible.
But this is just one in a handful of similar issues being considered by the CJEU and the more time that passes, the greater the pressure appears to be on Malta and Bill 55.
The EU is also taking a tandem approach: The European Commission, the EU’s executive arm, has itself opened an investigation into Malta and the legality of Article 56A and has indicated through its own statements and submissions to the CJEU that it considers the provision to be against EU law.
New tactics needed?
All of which leads to several difficult questions for Malta and the many gambling companies based there.
The first is a defensive issue: With Bill 55 on the ropes, how will the nation prevent the many operators who call its islands home from being stuck with a huge refund charge?
Work is already underway to mount a new defense. The tactic uses the same inspiration as Article 56A, which argues that allowing the foreign court judgments that demand large payments from operators would seriously damage the Maltese economy and thereby upset its “public policy”.
The EU principle, also known as “ordre public”, allows for member states to make legal exceptions in order to protect their society.
In a pair of new cases addressing transferred player refund claims from Austria, Maltese lawyers have argued, without reference to Bill 55, that granting the payment orders would upset the nation’s public order.
These two cases are a clear attempt to establish that, even without any specific Gaming Act amendments, the principle of ordre public protects Maltese gambling firms from having to pay up.
The problem is, the CJEU may have seen this coming.
“The fact that the enforcement of certain judgments may entail serious economic consequences for a national operator, an industry or even the Member State addressed does not justify recourse to the ‘public policy’ clause,” reads the recent AG opinion.
Although lawyers in Malta insist that the AG’s comments should be taken only to refer to Bill 55.
Meanwhile, lawyers fighting to recover refunds believe that cases like these, which have already been appealed, will themselves wind up in the CJEU and at least buy more time for Malta before payouts need to be made.
A new kind of industry hub?
Perhaps the more fundamental question is what Malta offers as a gambling hub over the next decade.
It’s been apparent for some time that the value of a Maltese licence is degrading, through no fault of local authorities.
As European nations gradually switched on their own licensing models, operators have needed to collect local approvals.
Even where nations have clung firmly to monopolies, like in Norway, authorities have also become more effective in enforcing against offshore operators who offer into their territories.
The clear trend of the CJEU also indicates that arguments based on the freedom to provide services are practically finished.
In face of this reality, regulators and business leaders in Malta are looking further afield. Maltese law firms have appeared in locations as far afield as the UAE and Taiwan in recent years, as they look to advertise the nation’s status as a centre of iGaming excellence to emerging online gambling markets.
Leaning into the density of online gambling expertise is also an increasingly important strategy for those looking to attract investment to Malta.
The reason that the industry flocked to Malta in the first place may no longer be relevant, but it’s still the case that two decades later the nation boasts a greater concentration of industry talent than in any other European nation.
There’s also been an increased focus on suppliers, which typically have lower local compliance overheads and more ability to run their businesses remotely from the territories where their content is used.
Although this sector is increasingly subject to local licensing, as well as new compliance burdens designed by regulators looking to drive a wedge between on- and offshore online gambling markets.
Change is inevitable
Malta has demonstrated its ability to adapt and survive, but there’s little denying that the nation’s gambling industry has never been more under siege than it is now.
After decades of growth and success, new ideas are needed to steer the sector into a new phase.
The success with which it emerges from the Bill 55 era will have a dramatic impact on Europe’s online gambling sector and beyond.
The post Malta faces new dawn as EU courts gather strength appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
av advertising
BetVictor rolls out new brand campaign with biggest AV spend to date
BVGroup’s flagship brand BetVictor has launched a new brand campaign, “For All Your Favourite Things”, backed by what the company said is its largest AV investment to date.
The campaign, created by Barn Door Studios, uses a rewrite of “My Favourite Things” from The Sound of Music over visuals of sporting events. BetVictor said the creative focuses on “the uncomplicated thrill of sport and betting”.
BetVictor is timing the launch around this weekend’s Premier League schedule, with spots running alongside Arsenal vs Newcastle on Saturday evening and Chelsea vs Leeds on Sunday afternoon.
Media planning is led by Bountiful Cow. The plan includes a new partnership with Sky, spanning live sport integrations, on-demand, YouTube channels and targeted digital placements via Sky Advance. BetVictor also outlined a data-led SVOD and BVOD strategy across ITVX, Channel 4, Prime Video and Netflix, plus digital and social.
Richard Walters, Director of Brand and Creative at BetVictor, said:
“‘For All Your Favourite Things’ captures what BetVictor stands for today – a premium, straightforward experience that enhances the thrill of sport.
When done right, we believe that gambling is a simple pleasure; one that we love connecting our customers to. We wanted to celebrate the moments that matter most to sports fans.”
The post BetVictor rolls out new brand campaign with biggest AV spend to date appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Africa
QTech Games wins Leader in Online Casino at SBEA+ Eventus Awards 2026
QTech Games has won the Leader in Online Casino award at the Annual Sports Betting East Africa (SBEA+) 2026 Summit in Nairobi, Kenya.
The company said it beat other shortlisted suppliers including SA Gaming, BetConstruct, and DST Gaming. The award is described by the event as recognising the “top all-round online casino platform for innovation, user engagement, and sustained growth” over the past year.
The SBEA+ Eventus Awards focus on the East African igaming and sports betting sector and were presented at a gala ceremony at the Argyle Grand Hotel. QTech Games said the judging period covered 2025/26 and that its aggregation platform performance was ranked highest by the panel.
QTech Games CEO Philip Doftvik said: “We’re thrilled to have walked off with another notable award for the best overall online-casino-platform provision in East Africa. Being shortlisted in such good company was already a result, but victory provides the real validation, particularly after running a great campaign at recent Eventus events in Africa. We’ve been promoting QTech Hybrid, our breakthrough retail solution, to great effect and it’s been fantastic to see that going live with a handful of top-tier clients on this continent has led to such overwhelmingly positive feedback and immediate success cases in the realm of genuine innovation.
“This win is testimony to our diligent team at QTech Games, and to the constantly growing group of innovative suppliers that our platform represents. It’s a truly collaborative effort. We remain committed to rolling out high-quality content that drives revenue for our worldwide partners across Africa and beyond. After all, in today’s marketplace, only premium games of the highest standard will separate you from the crowd, so we were delighted to see the panel acknowledge how our premier platform is delivering across Africa’s eclectic ecosystem. We’ve made our name as the pre-eminent aggregator in these evolving margin markets, delivering localised games that speak to a host of player proclivities. This award win will spur us on to new horizons.”
The post QTech Games wins Leader in Online Casino at SBEA+ Eventus Awards 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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