Plus500 (LON: PLUS), a London-listed brokerage firm, has completed another buyback of its shares, repurchasing 32,750 of its own ordinary shares on Wednesday.
Per the disclosure notification with the London Stock Exchange (LSE), the company paid £14.90 as the average price for procuring each unit of the shares, the highest being £15.04 and the lowest being £14.76. That means, Plus500 paid around £487,975 for the latest buyback session.
“Following the purchase of these shares, the remaining number of ordinary shares in issue will be 105,646,293 (excluding treasury shares), and the company will hold 9,242,084 ordinary shares in treasury,” the notification detailed.
The brokerage is taking its shares off the market under its latest buyback plan, which it announced last month, after publishing the revenue numbers for the first half of 2020. Under the latest scheme, the company is planning to repurchase $38.9 million worth of its own ordinary shares.
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Notably, Plus500 already completed multiple buyback programs before the latest one. It has repurchased $30 million and $60 million worth of its ordinary shares in two previous buyback programs respectively.
A Massive Jump in Its Share Prices
Plus500 reported a 281 percent revenue gain for the first half of 2020, and this result is clearly reflecting on the publicly-listed share prices of the company. The company shares gained over 70 percent since the beginning of this year and is trading at £14.81 apiece, as of press time.
Though the brokerage started the buyback program a bit slow, it soon upped its efforts and is spending almost half-a-million pounds in every session to repurchase shares. Yesterday Finance Magnates reported on Plus500’s repurchase of 34,000 of its own shares on September 1.
Meanwhile, the company is also planning to enter the physical equity trading market, expanding from the current CFDs offerings.