Share Buyback Programme Announcement

Plus500 Limited

27 August 2024

 

27 August 2024

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 commence a new share buyback programme today to purchase a total of up to $110.0m of the Company's shares ("Share Buyback Programme"). The Share Buyback Programme is part of the $185.5m of shareholder returns announced in the Company's H1 2024 Interim Results on 19 August 2024.

This larger Share Buyback Programme, which follows on from the $100.0m buyback programme announced in February 2024 and completed in August 2024, highlights the Board's continued confidence in the future prospects of Plus500. It also reflects the Group's robust financial position, cash generative business model and ongoing ability to deliver strong shareholder returns over the medium-term. This confidence is supported by the significant operational and financial momentum Plus500 has achieved in recent years, including during H1 2024, as reflected in the H1 2024 Interim Results.

The H1 2024 Interim Results highlighted the Group's excellent strategic, operational and financial progress during the period, achieved through the successful execution of its strategic roadmap. As of 30 June 2024, the Group held over $1bn of its own cash on its balance sheet for the first time, enabling it to pursue organic and inorganic growth initiatives, whilst also delivering attractive and sustainable returns to shareholders through enhanced shareholder returns totalling $185.5m, comprising total share buybacks of $110.0m and total dividends of $75.5m.

The maximum number of shares the Company is entitled to repurchase under the Share Buyback Programme is up to 5,694,522 shares. This figure represents the total shares the Company was authorised to purchase pursuant to the authority granted by shareholders at the Company's most recent Annual General Meeting held on 7 May 2024 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 executed from time to time depending on market conditions, share price, trading volume and other factors. Panmure Liberum Limited ("Panmure 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. Neither the Company nor its Board members have the authority to invoke any changes to the Share Buyback Programme, as it will be conducted solely at the discretion of Panmure Liberum, in accordance with the established 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 no later than 31 March 2025. Purchases may continue during any closed period to which the Company is subject during the above‐mentioned period.

The Share Buyback Programme will be affected 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.

Details of any and all purchases made under the Share Buyback Programme will be announced no later than 7.00am on the business day following the calendar day on which the purchases occurred.

For further details:

Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer   Owen Jones, Head of Investor Relations	[phone] [phone] [e-mail]
DGA Group
James Melville-Ross   James Styles   Methuselah Tanyanyiwa	[phone] [e-mail]

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, Japan, the UAE and the Bahamas 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 60 countries and in 30 languages.

Plus500's trading platforms are accessible from multiple operating systems (iOS, Android and Windows) 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 was admitted to trading on the London Stock Exchange (LON: PLUS) on 24 July 2013, is admitted to the Equity Shares in Commercial Companies" ("ESCC") Category of the Official List and is a constituent of the FTSE 250 Index. Website: www.plus500.com.

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 of 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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