Plus500 Ltd (LON:PLUS), a global multi‐asset fintech group, announced that it will commence a new share buyback programme today to purchase a total of up to $110 million of the company’s shares.
The Share Buyback Programme is part of the $185.5 million 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.
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.
The Share Buyback Programme will run from today 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.
