Another Co-Founder of Plus500 has purchased close to £700,000 worth of the company’s shares, Finance Magnates has learned, as the online contracts for difference (CFD) trading provider continues to execute its share buyback program.
In particular, it is Omer Elazari, the Co-Founder and Vice President of Engineering at Plus500 who has bought £659,890 worth of the company’s ordinary shares, according to a regulatory filing via the London Stock Exchange’s (LSE) news service this Monday.
In particular, on the 6th of March this year, Elazari purchased 70,000 shares at a price of £9.427. Breaking this down, the specific prices are as follows:
Today’s announcement follows on from fellow Co-Founder of Plus500 Alon Gonen purchasing more than 440 thousand shares. As Finance Magnates reported, on the 2nd of March 2020, Gonen had purchased 445,064 shares valued at £9.38, meaning he has spent more than £4.17 million. The founder of Plus500 has acquired the shares via Sparta 24 Ltd.
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Among Gonen and Elazari, Elad Ben Izhak, another Co-Founder of Plus500, also recently bought more than £500,000 worth of shares, as did Asaf Elimelech, who is the Chief Executive Officer (CEO) of the broker, among others.
Plus500 share buyback program
The purchases of both the Co-Founders come on the heels of the online trading provider, revealing that it was commencing a new share buyback program in February, in which the company will buy back up to an additional $30 million of the company’s ordinary shares.
The latest buyback program announced in February of 2020 follows the completion of the firm’s previous buyback program in August of 2019, in which it repurchased $50 million worth of shares.
As Finance Magnates reported, in August of last year, soon after the company revealed the previous buyback program, Alon Gonen, spent over £3.3 million on the open market, acquiring over 468,000 shares. With an average price of £7.06 per share, his purchase signified a strong commitment to the future value of the company, as does today’s announcement.