Odey Asset Management continues its buying spree in shares of Plus500, taking their position above 25% with purchases made yesterday.
Odey Asset Management has already proven to be the most bullish institution favoring shares of Plus500. Prior to news that Playtech made a 400p offer for Plus500, the value- focused Odey had already become the largest single owner of the CFD broker’s stock, having amassed a 21% stake as of last Friday.
Even with the deal in place, Odey hasn’t slowed down its purchases of Plus500 stock, with a filing today showing that as of yesterday’s trading, they increased their stake to 25.49%. The buying occurs as shares of Plus500 spent all of yesterday below the 400p bid price from Playtech, trading most of the day at 375p. Subsequently, shares have weakened today, hitting a low of 340p before spiking above 350p as the filing of Odey’s 25% stake was released.
Value Play or Higher Bids?
With some questioning as to whether Playtech will be able to finalize an Acquisition of Plus500, given the overhang of Compliance and regulatory problems the broker is dealing with in the UK, it may be enough to have caused some shareholders to exit the stock. As such, Odey’s continued interest yesterday can be seen as the result of them continuing to see value in Plus500 shares, and that the 400p bid price is solid and provides around 6% upside on any purchases yesterday.
However, as noted yesterday, Odey may be looking for a larger return and expecting a higher bid in the market to materialize. Leading the buying has been James Hanbury, the lead portfolio manager for Odey Absolute Return and Allegra Developed Market funds, each owning sizable positions in Plus500. With a 25.49% stake, Odey has grown its influence large enough that it could block Playtech’s acquisition by convincing just above 63% of the non-Director or Founder related shareholders to vote against the deal.
Beyond Odey, other institutions holding shares include JPMorgan Asset Management, Investec Asset Management, and Hargreave Hale, estimated to have a combined holding of around 20%. Therefore, if those shareholders are aligned with Odey, they should have the ability to either nix the 400p bid, request a higher price from Playtech, or push Plus500’s board to search for additional buyers.
Odey Asset Management has already proven to be the most bullish institution favoring shares of Plus500. Prior to news that Playtech made a 400p offer for Plus500, the value- focused Odey had already become the largest single owner of the CFD broker’s stock, having amassed a 21% stake as of last Friday.
Even with the deal in place, Odey hasn’t slowed down its purchases of Plus500 stock, with a filing today showing that as of yesterday’s trading, they increased their stake to 25.49%. The buying occurs as shares of Plus500 spent all of yesterday below the 400p bid price from Playtech, trading most of the day at 375p. Subsequently, shares have weakened today, hitting a low of 340p before spiking above 350p as the filing of Odey’s 25% stake was released.
Value Play or Higher Bids?
With some questioning as to whether Playtech will be able to finalize an Acquisition of Plus500, given the overhang of Compliance and regulatory problems the broker is dealing with in the UK, it may be enough to have caused some shareholders to exit the stock. As such, Odey’s continued interest yesterday can be seen as the result of them continuing to see value in Plus500 shares, and that the 400p bid price is solid and provides around 6% upside on any purchases yesterday.
However, as noted yesterday, Odey may be looking for a larger return and expecting a higher bid in the market to materialize. Leading the buying has been James Hanbury, the lead portfolio manager for Odey Absolute Return and Allegra Developed Market funds, each owning sizable positions in Plus500. With a 25.49% stake, Odey has grown its influence large enough that it could block Playtech’s acquisition by convincing just above 63% of the non-Director or Founder related shareholders to vote against the deal.
Beyond Odey, other institutions holding shares include JPMorgan Asset Management, Investec Asset Management, and Hargreave Hale, estimated to have a combined holding of around 20%. Therefore, if those shareholders are aligned with Odey, they should have the ability to either nix the 400p bid, request a higher price from Playtech, or push Plus500’s board to search for additional buyers.
Gender Gap in Online Privacy Concerns: Women More Reserved in Sharing Personal Data
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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