Plus500 Board approves continuation of share buyback program
Online trading company Plus500 Ltd (LON:PLUS) today announces that its Board of Directors has approved the continuation of the Group’s current share buyback program.
Plus500 will acquire an additional $12.6 million of the company’s issued share capital. This follows the acquisition of $12.6 million of the company’s issued share capital, completed on 27 October 2021, having initially been announced on 17 August 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 this 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.
Plus500 and its Board members have no power to invoke any changes to the program and it will be conducted at the sole discretion of Liberum within the program terms.
Plus500 commented on the share buyback program:
“The purpose of the programme is to emphasise the Board’s confidence in the prospects of Plus500 and reflects the robust financial position of the Group, as highlighted in the Group’s Q3 2021 trading update earlier this week”.
All ordinary shares repurchased by the company under the program will 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 the date of this announcement to 28 February 2022, or if earlier, the date of the announcement of Plus500’s preliminary results for the twelve months ending 31 December 2021.