As Price Falls, Plus500 Repurchased 33,000 of Own Shares

As Price Falls, Plus500 Repurchased 33,000 of Own Shares

August 21, 2020

It’s been just under two weeks since Plus500 (LON:PLUS) announced that it was commencing a new share buyback program. This Friday the London listed broker has revealed that it has purchased 33,000 of its own ordinary shares.

In the regulatory document filed through the London Stock Exchange (LSE) today, Plus500 announced that on the 20th of August 2020 it repurchased 33,000 of its own ordinary shares of ILS 0.01 each through Credit Suisse Securities (Europe) Limited.

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The volume weighted average price paid per share was £14.77. Therefore, the Israel based company spent around £487,287.90 on its latest batch of shares. The lowest price paid per share was £14.44 and the highest price paid per share was £14.95.

This week Plus500 has really picked up steam with its share buyback program. As Finance Magnates reported, on the 19th of August the firm repurchased 25,700 at a volume weighted average price paid per share of £15.48. Therefore, the Israel based broker spent around £397,836.00.

Plus500 ramps up share buyback

Prior to this, Plus500 had been taking it slow. On the 11th of August 2020, the company bought 4,119 of its own ordinary shares. Then, according to documents filed through the London Stock Exchange (LSE) in recent weeks the broker bought 5,313 more shares on the 18th of August.

As part of its latest program, the firm plans to repurchase $67.3 million worth of its own shares. It will run from the 11th of August 2020 up until the 28th of February 2021. It is possible for the broker to end the program earlier on the date of the announcement of its preliminary results for the year ended on the 31st of December 2020.

“The Company will hold the repurchased shares in treasury. Following the purchase of these shares, the remaining number of ordinary shares in issue will be 105,911,043 (excluding treasury shares), and the company will hold 8,977,334 ordinary shares in treasury. Therefore, the total voting rights in Plus500 will be 105,911,043,” the broker said in the filing today.

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