Plus500 Board approves new $50M share buyback program
CFDs broker Plus500 Ltd (LON:PLUS) announces that its Board of Directors has approved a new share buyback program to purchase up to an additional $50.0 million of the company’s shares.
The New Share Buyback Programme will run alongside the Company’s most recent share buyback programme of $55.0 million, announced on 15 February 2022.
The purpose of the New Share Buyback Programme is to further highlight the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position, with the Group’s cash balances at $886.6m, as at 31 March 2022. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap.
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. The Company has appointed Liberum Capital Limited to manage the New Share Buyback Programme, which is an irrevocable, non‐discretionary share buyback programme to repurchase the Company’s shares on its behalf, and within certain defined parameters.
The Company or the Board have no power to invoke any changes to the New Share Buyback Programme and it will be conducted at the sole discretion of Liberum within the programme terms.
The New Share Buyback Programme will run from today to 31 December 2022 (which is also the date to which the Existing Share Buyback Programme will run). Purchases may continue during any closed period to which the Company is subject during the above-mentioned period.