Plus500 Ramps Up Share Buyback, Repurchases 25,700 Own Shares

Plus500 (LON:PLUS) appears to be moving full steam ahead with its latest share buyback program. Hence, the London listed broker has announced today via a regulatory document that it has purchased thousands of its own ordinary shares.

Specifically, Plus500 has repurchased 25,700 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited. The transaction for the latest batch was executed on 19th August 2020.

The volume weighted average price paid per share was £15.48. Therefore, the Israel based broker spent around £397,836 for the latest batch of its shares. The lowest price paid per share was £15.39 and the highest price paid per share was £15.57.

As Finance Magnates reported, Plus500 announced it was starting its latest share buyback program earlier this month simultaneously announcing its record financial results. Since then, the broker’s shares have been on a general upward trend, peaking on 18th August 2020 at £15.41.

As part of its latest program, the firm plans to repurchase $67.3 million worth of its own shares. It will run from 11th August 2020 up until 28th February 2021. It is possible for the broker to end the program earlier, on the date of the announcement of its preliminary results for the year ended on 31st December 2020.

Plus500 Starts Off Slow

Since the commencement of the new share buyback earlier this month, Plus500 has been taking it slow. On 11th August 2020, the company bought 4,119 of its own ordinary shares. Then, according to documents filed through 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) in recent weeks the broker bought 5,313 more shares on 18th August.

Therefore, the number of shares repurchased yesterday was the largest batch to be repurchased in the new program.