Despite Market Turmoil, Plus500 Continues Share Buyback

The markets might be in turmoil, but that’s not stopping Plus500, as the Israel-based broker has repurchased even more of its ordinary shares as the company continues to execute its share buyback program.

According to a regulatory filing published through the news service of the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (LSE) this Wednesday, Plus500 has repurchased 26,500 of its ordinary shares, each through Credit Suisse Securities (Europe) Limited, on the 21st of April 2020.

On average, the broker paid £11.19 for each share, which, considering the broker purchased 26,500 shares, means the company forked out approximately £296,588.0 for the latest batch.

Across all of the shares, the lowest price the broker paid for its shares was £11.11 and the highest price it paid was £11.27. Following the latest round of share buybacks, the remaining number of ordinary shares in issue is 106,740,135 (excluding treasury shares), and the company will hold 8,148,242 ordinary shares in treasury, the statement said.

Plus500 said back in February that it plans to repurchase $30 million as part of its share buyback program. The latest share buyback program will run from February 12, 2020, up until August 31 this year. However, the program might end earlier on the date of the announcement of the company’s interim results for the six months ending June 30, 2020.

Action at Plus500

The past couple of weeks have been busy for the London-listed broker. As Finance Magnates reported, on Monday the company revealed that its CEO, Asaf Elimelech, had handed in his resignation with immediate effect, starting the 12-month notice period Elimelech needs to provide.

Elimelech is leaving Plus500 in a strong position, pushed even further by the coronavirus pandemic. In the first quarter of 2020, the company reported a 487 per cent yearly increase in revenues, coming in at $316.6 million.