CFDs broker Plus500 Ltd (LON:PLUS) has commenced buying back shares under the new program announced earlier this week. This becomes clear from an RNS filing with the London Stock Exchange.

The company purchased 34,054 of its ordinary shares of ILS 0.01 each through Credit Suisse Securities (Europe) Limited on February 18, 2021. The volume weighted average price paid per share (GBp) is 1,457.45.

The company will hold the repurchased shares in treasury. Following the purchase of these shares, the remaining number of ordinary shares in issue will be 102,483,172 (excluding treasury shares), and the company will hold 12,405,205 ordinary shares in treasury. Therefore, the total voting rights in Plus500 will be 102,483,172.

Under the new program, Plus500 will buy back up to an additional $25 million of the company’s shares.

This follows the completion of the share buyback program 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 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.