Plus500 has acquired Ordinary Shares from Odey Asset Management, marking a significant strategic purchase.
Broker's shares rise 8.5%, rebounding from one-year lows.
Plus500
(LSE: PLUS), a publicly-listed trading company, has announced a significant
purchase of more than 7.3 million ordinary shares from Odey Asset Management LLP. The
acquisition, costing approximately £101.3 million, represents roughly 8.2% of
the company's issued share capital.
This move
aligns with Plus500's capital allocation and shareholder return policy, with
the newly acquired shares being held in the company's treasury.
Plus500 Bets on the 'Best
Interest' of Shareholders
According
to the regulatory filing from today (Tuesday), the company's board believes
that the acquisition from Odey Asset Management serves the best interests of
all shareholders. As of 31 March 2023, Plus500 reported cash balances exceeding
$950 million. This financial strength positioned the company to buy shares at
an appealing price point.
Plus500 has
made a purchase of 7,327,605 shares at a price of 1,383 pence per share,
totaling £101.3 million. The shares were bought at the lowest price in over a
year but are still high in historical terms. For comparison, three years ago,
one Plus500 share cost 397 pence. Since then, shares have increased by 250%.
"The
Purchase has been conducted separately from the Company's latest share buyback
programme to purchase up to $70.0 million of the Company's Ordinary Shares,
announced on 14 February which will continue as planned," Plus500
commented in a statement. "As at 12 June 2023, the Company had repurchased
approximately $52 million of the Company's Ordinary Shares pursuant to the
Share Buyback Programme."
Following
the acquisition, Plus500's total voting rights will be 82,512,335, with the
company holding 32,376,042 ordinary shares in its treasury.
Plus500 Shares Gain after Purchase
In response
to the share buyback news, Plus500's listings on the London Stock Exchange
rebounded from annual lows of around 1,383 pence, rising by 8.5% to an intraday
high of 1,514 pence. At the beginning of 2023, the company's shares reached a
record price just below the 2,000 pence level, but they have lost 30% since
then.
Currently,
the loss since the beginning of the year is about 17%. For comparison, another
broker listed on the LSE, IG Group, lost 10% in the same period, while CMC
Markets lost 28%. However, this downtrend does not apply to XTB, which has
increased by 32% on the Warsaw Stock Exchange in 2023 and tested historical
highs a month ago.
Plus500 Mulls US Listing
According
to information from last month, Plus500 is evaluating options to list its
shares in the United States as an alternative to its existing listing on the
London Stock Exchange. Though officially not confirmed, the decision is being
fueled by frustration among the broker's management over the company's
valuation.
The broker has
already disclosed its financials for the first quarter of 2023, revealing revenue
of $207.9 million and an EBITDA of $100.9 million. Analysts' consensus predicts
that the broker will achieve a revenue of $601.2 million in 2023, accompanied
by an estimated EBITDA of $266.9 million and earnings per share of $2.43.
Notably, this debt-free company concluded the first quarter with a substantial
cash balance exceeding $950 million.
Plus500 is
actively expanding its operations in the United States. The company made its
entry into the US market in 2021 through the acquisition of Cunningham Commodities
and Cunningham Trading Systems. In Q3 2022, the company took a significant step
by introducing a proprietary futures trading platform tailored specifically for
the US market.
Plus500
(LSE: PLUS), a publicly-listed trading company, has announced a significant
purchase of more than 7.3 million ordinary shares from Odey Asset Management LLP. The
acquisition, costing approximately £101.3 million, represents roughly 8.2% of
the company's issued share capital.
This move
aligns with Plus500's capital allocation and shareholder return policy, with
the newly acquired shares being held in the company's treasury.
Plus500 Bets on the 'Best
Interest' of Shareholders
According
to the regulatory filing from today (Tuesday), the company's board believes
that the acquisition from Odey Asset Management serves the best interests of
all shareholders. As of 31 March 2023, Plus500 reported cash balances exceeding
$950 million. This financial strength positioned the company to buy shares at
an appealing price point.
Plus500 has
made a purchase of 7,327,605 shares at a price of 1,383 pence per share,
totaling £101.3 million. The shares were bought at the lowest price in over a
year but are still high in historical terms. For comparison, three years ago,
one Plus500 share cost 397 pence. Since then, shares have increased by 250%.
"The
Purchase has been conducted separately from the Company's latest share buyback
programme to purchase up to $70.0 million of the Company's Ordinary Shares,
announced on 14 February which will continue as planned," Plus500
commented in a statement. "As at 12 June 2023, the Company had repurchased
approximately $52 million of the Company's Ordinary Shares pursuant to the
Share Buyback Programme."
Following
the acquisition, Plus500's total voting rights will be 82,512,335, with the
company holding 32,376,042 ordinary shares in its treasury.
Plus500 Shares Gain after Purchase
In response
to the share buyback news, Plus500's listings on the London Stock Exchange
rebounded from annual lows of around 1,383 pence, rising by 8.5% to an intraday
high of 1,514 pence. At the beginning of 2023, the company's shares reached a
record price just below the 2,000 pence level, but they have lost 30% since
then.
Currently,
the loss since the beginning of the year is about 17%. For comparison, another
broker listed on the LSE, IG Group, lost 10% in the same period, while CMC
Markets lost 28%. However, this downtrend does not apply to XTB, which has
increased by 32% on the Warsaw Stock Exchange in 2023 and tested historical
highs a month ago.
Plus500 Mulls US Listing
According
to information from last month, Plus500 is evaluating options to list its
shares in the United States as an alternative to its existing listing on the
London Stock Exchange. Though officially not confirmed, the decision is being
fueled by frustration among the broker's management over the company's
valuation.
The broker has
already disclosed its financials for the first quarter of 2023, revealing revenue
of $207.9 million and an EBITDA of $100.9 million. Analysts' consensus predicts
that the broker will achieve a revenue of $601.2 million in 2023, accompanied
by an estimated EBITDA of $266.9 million and earnings per share of $2.43.
Notably, this debt-free company concluded the first quarter with a substantial
cash balance exceeding $950 million.
Plus500 is
actively expanding its operations in the United States. The company made its
entry into the US market in 2021 through the acquisition of Cunningham Commodities
and Cunningham Trading Systems. In Q3 2022, the company took a significant step
by introducing a proprietary futures trading platform tailored specifically for
the US market.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FX Deposits in the US Grow for the 4th Month to $549 Million
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
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Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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