Plus500 Continues to Buy Own Shares

As a new week starts, so does a new cycle of Plus500’s share buyback program. While the purchase occurred on Friday, the 4th of September, the firm waited until the following Monday to announce the exact numbers. This week, the number was just shy of 34000, landing at 33750. Plus500 made the purchase through Credit Suisse Securities (Europe) Limited, buying its ordinary shares of ILS 0.01.

The London Stock Exchange (LSE) confirmed a regulatory document that was filed on Monday, 7th of September. The document states that the average price per share was around 14,79 GBP. However, that doesn’t mean that share prices were flat across the board. The cheapest came in at 14,45 GBP, while the most expensive went up to 15,04 GBP. An approximation of what Plus500 spent in the buyback is 499182,75 GBP.

Another interesting detail was present in Monday’s regulatory statement. Namely, the company states that it will hold the shares they repurchased in treasury. That means that there will be 105579143 ordinary shares in issue once we exclude those in treasury. As for Plus500, they will be holding 9309234.

Additional Share Information

Plus500’s share repurchasing program has been running for multiple weeks now and will continue for some time. So far, the company has been repeating a similar pattern each week, rebuying about 30000 shares for around 500000 GBP. The broker set aside $67300000 and plans to repurchase its own shares for the value. The process will be incremental, with a planned end in February 2021. However, there’s a possibility that Plus500 cuts it short once it announces 2020’s preliminary results.

After a peak on the 18th of August, Plus500’s share price has been hovering in the 14,60 – 14,80 range. At the time of writing, the share price is in the green.