Plus500 share buyback under new plan tops £500,000
CFD broker Plus500 has kicked off its latest share buyback program by making market purchases of more than 35,000 LON:PLUS shares over the past several days, for a total layout of £531,531 (USD $696,305).
When it announced its first half results last week which included record six-month profit of $320 million, Plus500 stated that it would continue its shareholder returns policy with 60% of that H1-2020 Net Profit to be distributed to shareholders through dividends and share buybacks. The company then declared an interim dividend of $101 million, and a new share buyback programme of $67.3 million.
During the first half of 2020 Plus500 bought back $38.9 million in its own shares.
All the current share purchases were effected through Credit Suisse Securities (Europe) Limited.
We expect Plus500 to continue making share purchases in the coming weeks toward that goal of $67.3 million.
Plus500 shares have more than doubled over the past year, and sit now near a 52 week high at just under £15. The company has a market cap of £1.58 billion (USD $2.1 billion).
Plus500 share price, one year chart. Source: Google Finance.