Plus500 to commence new share buyback programme
Retail Forex and CFD broker Plus500 Ltd (LON:PLUS) announces that it will today commence a new share buyback programme to purchase up to an additional $60.2 million of the company’s shares.
The launch of the Share Buyback Programme follows the completion of the company’s most recent share buyback programmes announced on 15 February 2022 and 13 April 2022.
The purpose of the Share Buyback Programme is to highlight further the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position. 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.
The maximum number of shares that may be repurchased under the Share Buyback Programme is 9,959,828 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company’s 2022 Annual General Meeting (AGM) less the number of shares that have already been repurchased pursuant to that authority.
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. Liberum Capital Limited will 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.
Plus500 and its Board members have no power to invoke any changes to the share buyback programme and it will be conducted at the sole discretion of Liberum within the programme terms.
All ordinary shares repurchased by the company under the Share Buyback Programme shall 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 Programme will run from the date of this announcement until the announcement of the company’s preliminary results for the twelve months ending 31 December 2022. Purchases may continue during any closed period to which the company is subject during the above-mentioned period.