Online trading company Plus500 Ltd (LON:PLUS) announces that it will today commence a new share buyback programme to purchase a total of up to $70.0 million of the company’s shares.

The Share Buyback Programme is comprised of a final share buyback programme of $42.4 million and a special share buyback programme of $27.6 million.

Launch of the Share Buyback Programme follows the completion of Plus500’s most recent share buyback programme of $60.2 million, which commenced on 1 November 2022. The Company also completed during the course of FY 2022 a special buyback programme of $50.0 million, announced on 13 April 2022.

The maximum number of shares that may be repurchased under the Share Buyback Programme is up to 9,959,828 shares, being the number of shares the company is currently authorised to purchase pursuant to the authority granted by shareholders at the Company’s 2022 Annual General Meeting held on 3 May 2022 (AGM) of which 6,971,719 shares have been purchased as of 27 February 2023 (excluding those shares purchased on the day of the AGM). The Board intends to seek shareholder approval at the Company’s 2023 Annual General Meeting to renew the Company’s share buyback authorisation for an additional year.

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 Jefferies International Limited to manage the 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 Share Buyback Programme will run from today until no later than 31 December 2023. Purchases may continue during any closed period to which Plus500 is subject during the above-mentioned period.