Plus500 Buys More Than £297,000 of Own Shares

On Friday, the broker repurchased 23,000 of its own ordinary shares.

As we enter further into the month of May, Plus500 has published a regulatory announcement via the news service of the London Stock Exchange (LSE), stating that it has repurchased a further 23,000 of its own ordinary shares.

Although the announcement was published this Monday, the shares were actually bought on May 7, 2020, the document shows. The average volume-weighted price for each of the shares was £12.95.

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Therefore, Plus500, which is based in Israel, has paid around £297,850 for the latest batch of shares and brings the broker one step closer to completing its latest share buyback program, which was announced on February 12 of this year.

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“The Company will hold the repurchased shares in treasury. Following the purchase of these shares, the remaining number of ordinary shares in issue will be 106,513,478 (excluding treasury shares), and the company will hold 8,374,899 ordinary shares in treasury. Therefore, the total voting rights in Plus500 will be 106,513,478,” Plus500 said in the statement.

Plus500 continues upward trend

Overall, the highest price paid per share was £13.09, and the lowest price paid per share was £12.70. At the time of publishing, Plus500’s share price is in the green, continuing the broker’s upward price trend since March 16, 2020.

The beginning of this rise coincided with the Israel based broker revealing that it was benefiting from coronavirus-fuelled volumes in a trading update, which it published on March 16.

Plus500 plans to repurchase a total of $30 million of its own ordinary shares as part of its most recent buyback program announced on February 12, 2020. The company expects to complete this by 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.

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