CFDs broker Plus500 Ltd (LON:PLUS) today announces a new proposed share buyback program.

The company’s Board of Directors has approved a new program to buy back up to an additional $12.6 million of the company’s issued share capital, following the completion of the $25.0 million share buyback program announced in February 2021.

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Plus500 has appointed Liberum Capital Limited to manage the new program, which is an irrevocable, non-discretionary share buyback program to repurchase the Company’s shares on its behalf, and within certain defined parameters.

The purpose of the program is to reduce the share capital of Plus500 and all ordinary shares repurchased by the company under the above program shall be classified as shares held in treasury (dormant shares). Such treasury shares are not entitled to dividends and have no voting rights at the company’s general meetings.

The share buyback program will run from today to 28 February 2022, or if earlier, the date of the announcement of the company’s preliminary results for the twelve months ending 31 December 2021.

Purchases may continue during any closed period to which the company is subject during the above-mentioned period. Shareholders of the company authorised the buyback of up to 10,198,950 ordinary shares at the Company’s 2021 Annual General Meeting held on 4 May 2021.

The current shareholder authorisation extends until the Company’s 2022 Annual General Meeting, unless such authority is renewed prior to this time. The Board intends to seek shareholder authorisation at the Company’s 2022 Annual General Meeting to renew the Company’s share buyback authorisation for an additional year.