Spiffbet CEO ploughs SEK2m into company in exchange for 54 million shares

Spiffbet CEO Henrik Svensson is set to own more than 54 million shares in the Nordic operator after investing SEK2m in the company.

Svensson has purchased 52,852,479 subscription rights in addition to the 1,201,591 subscription rights that he has already been allocated in an ongoing rights issue at the firm.

These subscription rights will allow Svensson to subscribe for 54,054,070 shares in the company.

Once this has been completed, Svensson will own a total of 55,255,661 Spiffbet shares.

Last year, Spiffbet announced plans to streamline its business with a series of cost-cutting measures and the liquidation of various “passive companies” it acquired during a spell of M&A.

The group has also put an emphasis on its B2B operations, with its Rhino Gaming arm having been bolstered with senior talent including a host of former Hero Gaming execs.

Speaking on his decision to increase his shareholding in the firm, Svensson said the company was “entering a new phase” and that the strengthen of the cash position would stand it in good stead.

He said: “I have for a long time wanted to increase my ownership in Spiffbet as I think we are on the right track and that we should be able to turn the company around. When I saw that the main owners are prepared to provide the company with capital by converting their receivables, I also wanted to contribute capital.

“The rights issue is an excellent opportunity for me to be involved in financing the company. The set-off of the principal owners’ receivables will make the company largely free of debt.

“My hope is that through the rights issue we strengthen the cash position significantly and can continue to develop the business, both organically and through further acquisitions,” Svensson added.