Plus500 approves new share buyback program
CFDs broker Plus500 Ltd (LON:PLUS) today announced a new proposed share buyback program. Plus500’s Board of Directors has approved a new program to buy back up to an additional $25 million of the company’s shares.
This follows the completion of the share buyback programme announced in August 2020. 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 Credit Suisse Securities (Europe) Limited to manage an irrevocable, non-discretionary share buyback program to repurchase the company’s shares on its behalf, and within certain parameters. The broker and the Board have no power to invoke any changes to the above program and it will be conducted at the sole discretion of CS.
The share buyback program will run from today to 11 August 2021 or, if earlier, the date of the announcement of the company’s interim results for the six months ending 30 June 2021. Purchases may continue during any closed period to which Plus500 is subject during the above-mentioned period.
Shareholders of the company authorised the buyback of up to 10,597,917 shares at the Company’s annual general meeting (“AGM”) held on 16 September 2020, of which 2,806,897 shares were purchased as of the date of this announcement under the completed August 2020 Program. The current shareholder authorisation extends until the Company’s 2021 AGM, unless such authority is renewed prior to this time.
Plus500’s Board intends to seek shareholder authorisation at Plus500’s 2021 AGM to renew the company’s share buyback authorisation for an additional year.