Kenneth Dart's investment vehicle, Candle Lake, has significantly increased its stake in live casino developer Evolution, crossing the 30% threshold in February 2024. This action triggers a mandatory bid rule under Swedish law, compelling Candle Lake to either make a tender offer for all remaining shares of Evolution within four weeks or reduce its holding below the 30% threshold.
The initial mandatory bid threshold in Sweden is 30% of a company's voting rights. If a single shareholder's voting power surpasses this, they are typically obligated to launch a public offer for the remaining shares. This rule is designed to protect minority shareholders by ensuring they have an opportunity to sell their shares at a fair price when control of a company shifts significantly.
Dart, who is Evolution's largest shareholder, has been gradually increasing his stake in the company. As of July 21, 2026, he reportedly controls 32.04% of Evolution's shares, including swap agreements, and directly owns 28.99%. Earlier reports from August 2025 indicated a direct stake of 20.5% (41.98 million shares). In December 2024, his stake was noted at 10.2%. These figures highlight a consistent pattern of increasing investment by Dart in Evolution. Evolution's shares were up 0.83% on July 24, 2026, and down 1.33% on August 28, 2025, reflecting market reactions to these developments over time.
Evolution AB operates in the live casino sector and had at the end of 2023, 20 production studios globally, with significant operations in Malta, Curaçao, and the United States. The company's diverse geographical distribution of net sales (e.g., Malta 67.1%, Curaçao 8.7%, Sweden 1.3%) underscores its international presence in the online gaming market.
