The co-founder of Plus500, an online trading provider of contracts for differences (CFDs), Alon Gonen, has purchased more than 440,000 shares, the company announced this Wednesday through a regulatory filing via the London Stock Exchange (LSE).
In particular, Gonen has 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, in a transaction dated March 2, 2020.
Today’s announcement follows on the heels of the online trading provider, revealing that it was commencing a new share buyback program, 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 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.
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Plus500 starts off 2020 strong
Plus500 has started off 2020 on a strong footing. Earlier this month, the online trading platform outlined in a trading update that it has experienced a period of heightened market activity.
In particular, the CFD trading provider has seen heightened volumes of trading across the global markets, which has led to a significant uptick in customer trading activity.
Because of this, the London-listed company explained that its financial performance in the first quarter of 2020 to date is trending substantially ahead of the final quarter of last year.
In the trading update published through the LSE’s news service, Plus500 said: “It is too early to say what impact this outperformance in the current quarter will have on the outcome for 2020 given heightened levels of volatility in the market may not persist, whilst the impact of Australian regulatory changes previously referred to is yet to be quantified.”