Intention to apply for admission to Main Market

RNS Number : 0999P

Plus500 Limited

24 May 2018

 

24 May 2018

Plus500 Limited

Intention to apply for admission to

the Premium Segment of the Official List and to trading on the Main Market

Plus500 Limited (AIM: PLUS) ("Plus", the "Company" and together with its subsidiary undertakings, the "Group") today announces its intention to apply for admission of all of its issued ordinary shares of NIS0.01 each ("Ordinary Shares") to listing on the premium listing segment of the Official List of the UK Listing Authority (the "Official List") and to trading on London Stock Exchange plc's (the "London Stock Exchange") main market (the "Main Market") for listed securities (together, "Admission").  Pursuant to Rule 41 of the AIM Rules for Companies, the Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on the AIM market of the London Stock Exchange ("AIM").

The Company believes that the Main Market is the most appropriate trading platform for the continued growth of the Group and, together with a premium listing, will:

·      provide a more appropriate platform for the continued growth of the Group and further raise its profile and status;

·      increase the profile of the Group in the UK and internationally, thereby helping it to attract new customers;

·      benefit Shareholders due to the further development of the Group's corporate governance, regulatory and reporting disciplines (although the Group already adopts many of the corporate governance, regulatory and reporting disciplines of companies with a Premium Listing);

·      further place the Company in a better position to achieve improved liquidity and valuation in its Ordinary Shares due to the higher number of institutional investors which regularly trade in the shares of companies admitted to the premium listing segment of the Official List;

·      facilitate potential inclusion in the FTSE indices;

·      provide diversification of funding sources to support the Group's long-term growth;

·      result in the Ordinary Shares becoming an improved currency for any acquisitions, as appropriate; and

·      further assist in the incentivisation and retention of key management and employees.

Asaf Elimelech, Chief Executive Officer, said:

"Since our AIM IPO in 2013, we have grown the business many times over and become a more mature business in governance, regulatory and reporting terms. We therefore believe now is the right time to seek the listing to help further advance our ambitious global growth plans. The recent announcement of regulatory changes to the CFD industry by ESMA has also ensured that the framework in which we operate is now the clearest it has ever been. 

"We believe that the listing and our shares being traded on the Main Market will provide a number of benefits for shareholders, including increasing the Company's profile and status, providing currency for growth and facilitating potential inclusion in FTSE indices. Together these developments are expected to enhance the liquidity of the Company's shares and provide a greater range of potential investors for the Company both in the UK and overseas, reflecting the global nature of its business."

Admission will be effected through an introduction of all of the existing issued Ordinary Shares. The Company will not be issuing any new Ordinary Shares in conjunction with the proposed Admission.

It is expected that the Company will publish a prospectus in connection with Admission (the "Prospectus") on or around the week commencing 18 June 2018 and that the Ordinary Shares will be admitted to the Official List and commence trading on the Main Market, simultaneously with trading being cancelled on AIM, at 8:00 a.m. on 25 June 2018 (being at least 20 business days after the date of this announcement), subject to the receipt of the necessary approvals from the UK Listing Authority and the London Stock Exchange.  

The Ordinary Shares will continue to be registered with their existing ISIN number IL0011284465 and SEDOL number BBT3PS9.  The Company's TIDM ticker symbol will remain PLUS.  The Prospectus will, when published, be made available on the Company's website at www.plus500.co.uk/Investors and will also be submitted to the National Storage Mechanism, where it will be available for inspection at www.morningstar.co.uk/uk/nsm.

Liberum Capital Limited ("Liberum") is acting as sponsor to the Company in connection with Admission.

The Company's existing shareholders should consult their own tax advisers as to the tax implications of the Company's proposed move to the Main Market. Generally, on the move to the Main Market, the depository interests representing Ordinary Shares ("DIs") will continue to be excluded from being "chargeable securities" and as a result no stamp duty reserve tax (SDRT) will be payable by the purchasers of those DIs.

Further announcements will be made in due course.

For further details:

Plus500 Ltd

Elad Even-Chen, Chief Financial Officer

[e-mail]

Tel: [phone]

Liberum - Nomad and Joint Broker

Clayton Bush, Neil Elliot, Josh Hughes, William Hall

www.liberum.com

Tel: [phone]

MHP Communications

Reg Hoare, Tim Rowntree, Kelsey Traynor

[e-mail]

Tel: [phone]

Important notices

Liberum, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as sponsor exclusively for the Company and no-one else in connection Admission or any other matters referred to in this announcement and will not be responsible to anyone, whether or not a recipient of this announcement, other than the Company for providing the protections afforded to its customers, nor for providing advice or otherwise in relation to the contents of this announcement or any matter referred to herein.

Apart from the responsibilities and liabilities, if any, which may be imposed on Liberum by the Financial Services and Markets Act 2000 or the regulatory regime established thereunder, Liberum does not accept any responsibility whatsoever for the contents of this announcement, and makes no representation or warranty, express or implied, for the contents of this announcement, including its accuracy, completeness or verification, or for any other statement made or purported to be made by it, or on its behalf, in connection with the Company or Admission, and nothing in this announcement is or shall be relied upon as, a promise or representation in this respect whether as to the past or future.  Liberum accordingly disclaims to the fullest extent permitted by law all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or any such statement.

This announcement contains forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and therefore are based on current beliefs and expectations about future events.  Forward-looking statements are not guarantees of future performance and the Group's actual operating results and financial condition, and the development of the industry in which it operates may differ materially from those made in or suggested by the forward-looking statements contained in this announcement.  In addition, even if the Group's operating results, financial condition and liquidity, and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.  Accordingly, existing shareholders and prospective investors should not rely on these forward-looking statements. 

The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  Neither the Company nor the directors of the Company undertake any obligation nor do they intend to revise or update any document unless required to do so by applicable law, the Prospectus Rules, the Disclosure Requirements or the Transparency Rules.

This announcement is not an offer of securities for sale or subscription in any jurisdiction nor is this announcement a prospectus (or prospectus equivalent document). Investors should not subscribe for or purchase any shares in the Company based on this announcement.

Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. The material set forth herein is for information purposes only.

Neither the content of the Company's website nor any website accessible by hyperlinks to the Company's website is incorporated in, or forms part of, this announcement.

 

END

 

 

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