Plus500 Ramps Up Share Buyback, Repurchases 25,700 Own Shares

Plus500 Ramps Up Share Buyback, Repurchases 25,700 Own Shares

August 20, 2020

Plus500 (LON:PLUS) appears to be full steam ahead with its latest share buyback program, with the London listed broker announcing today via a regulatory document that it has purchased thousands of its own ordinary shares.

Specifically, Plus500 has repurchased 25,700 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited. The transaction for the latest batch was executed on the 19th of August 2020.

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The volume weighted average price paid per share was £15.48. Therefore, the Israel based broker spent around £397,836 for the latest batch of shares. The lowest price paid per share was £15.39 and the highest price paid per share was £15.57.

As Finance Magnates reported, Plus500 announced it was starting its latest share buyback program earlier this month at the same time as announcing its record financial results. Since then, the broker’s shares have been on a generally upward trend, peaking on the 18th of August 2020 at £15.41.

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.

Plus500 starts off slow

Since the commencement of the new share buyback earlier this month, Plus500 has 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.

Therefore, the amount of shares repurchased yesterday is the largest batch to be repurchased so far in the new program.

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