Share Buyback Programme

RNS Number : 3123P

Plus500 Limited

17 February 2021

 

17   February 2021

Plus500 Ltd.

("Plus500" or "the Company")

Share Buyback Programme

Further to the announcement of its preliminary results for FY 2020 earlier today, Plus500, a leading technology platform for trading Contracts for Difference ("CFDs") internationally , today announces a new proposed share buyback programme. 

Plus500's Board of Directors (the "Board") has approved a new programme to buy back up to an additional $25.0 million of the Company's shares, following the completion of the share buyback programme announced on 11 August 2020 (the "August 2020 Programme"). 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. The Company has appointed Credit Suisse Securities (Europe) Limited ("CS") to manage an irrevocable, non-discretionary share buyback programme to repurchase the Company's shares on its behalf, and within certain parameters. The Company and the Board have no power to invoke any changes to the above programme and it will be conducted at the sole discretion of CS.

The share buyback programme will run from the date of this announcement to 11 August 2021 or, if earlier, the date of the announcement of the Company's interim results for the six months ending 30 June 2021 (subject to the renewal of the buyback authorisation by the shareholders at the 2021 annual general meeting as set forth below). Purchases may continue during any closed period to which the Company is subject during the above-mentioned period. Shareholders of the Company authorised the buyback of up to  10,597,917  shares at the Company's annual general meeting ("AGM") held on 16 September 2020, of which 2,806,897 shares were purchased as of the date of this announcement under the completed August 2020 Programme (excluding those shares purchased on the day of the AGM). The current shareholder authorisation extends until the Company's 2021 AGM, unless such authority is renewed prior to this time. Plus500's Board intends to seek shareholder authorisation at the Company's 2021 AGM to renew the Company's share buyback authorisation for an additional year.  

The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU. 

For further details:   Plus500 Ltd Elad Even-Chen, Chief Financial Officer Rob Gurner, Head of Investor Relations [phone] [phone] [e-mail] MHP Communications Reg Hoare, Rachel Mann, Pete Lambie [phone] [e-mail]

About Plus500

Plus500 operates a proprietary technology platform for individual customers to trade CFDs internationally. The Group offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of Plus500 can trade CFDs in more than 50 countries and in 32 languages. The trading platform is accessible from multiple operating systems (Windows, iOS, Android and Surface) and web browsers. The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore and the Seychelles. Customer care is and has always been integral to Plus500, as such, customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for 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 does not utilise cold calling techniques and does not offer binary options. Plus500 has a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and is a constituent of the FTSE 250 index. www.plus500.com

 

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