Share Buyback Programme Announcement

RNS Number : 8150E

Plus500 Limited

01 November 2022

 

1 November 2022   

Plus500 Ltd.

("Plus500", the "Company", or together with its subsidiaries, the "Group")

Share Buyback Programme

Plus500, a global multi‐asset fintech group operating proprietary technology‐based trading platforms, is pleased to announce that it will today commence a new share buyback programme to purchase up to an additional $60.2 million of the Company's shares (the "Share Buyback Programme"), as previously announced on 17 August 2022, as part of the Company's interim results for the six month period ended 30 June 2022.

Launch of the Share Buyback Programme follows the completion of the Company's most recent share buyback programmes announced on 15 February 2022 and 13 April 2022.

The purpose of the Share Buyback Programme is to highlight further the Board's continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap.

The maximum number of shares that may be repurchased under the Share Buyback Programme is 9,959,828 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's 2022 Annual General Meeting ("AGM") less the number of shares that have already been repurchased pursuant to that authority.

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Liberum Capital Limited ("Liberum") will manage the Share Buyback Programme, which is an irrevocable, non‐discretionary share buyback programme to repurchase the Company's shares on its behalf , and within certain defined parameters . The Company and its Board members have no power to invoke any changes to the share buyback programme and it will be conducted at the sole discretion of Liberum within the programme terms.

All ordinary shares repurchased by the Company under the Share Buyback Programme shall be classified as shares held in treasury (dormant shares). Such treasury shares are not entitled to dividends and have no voting rights at the Company's general meetings.

The Share Buyback Programme will run from the date of this announcement until the announcement of the Company's preliminary results for the twelve months ending 31 December 2022. Purchases may continue during any closed period to which the Company is subject during the above-mentioned period.

The Share Buyback Programme will be effected within the parameters of Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the "2018 Act")) ("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (which is part of UK law by virtue of the 2018 Act) as well as the applicable laws and regulations of the UK Financial Conduct Authority.

For further details

Plus500 Ltd.   Elad Even-Chen, Chief Financial Officer   Rob Gurner, Head of Investor Relations [phone] [phone] [e-mail] Brunswick   Charles Pretzlik, Partner   Paul Durman, Partner [phone] Plus500@brun swickgroup.com

About Plus500

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures.

The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the Seychelles, the United States, Estonia and Japan and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 50 countries and in 30 languages. Plus500 does not permit customers located in the US to trade its OTC products.

Plus500 does not utilise cold calling techniques and does not offer binary options. Plus500's trading platforms are accessible from multiple operating systems (Windows, iOS and Android) and web browsers. Customer care is and has always been integral to Plus500, as such, OTC customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for OTC trading platform users and sophisticated risk management tools are provided free of charge to manage leveraged exposure, and stop losses to help customers protect profits, while limiting capital losses.

Plus500 shares have a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index. www.plus500.com .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the MAR. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Forward looking statements

This announcement contains statements that are or may be forward-looking statements. All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Group's future prospects, developments and strategies. The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions express by the press or other media regarding the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

 Forward-looking statements are identified by their use of terms and phrases such as "believe", "targets", "expects", "aim", "anticipate", "project", "would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements include, but are not limited to, those described in the Risk Management Framework section of the Company's most recent Annual Report. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Group and the environment in which it is and will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. Each forward-looking statement speaks only as at the date of this announcement. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

 

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