Retail FX and CFD broker Plus500 Ltd (LON:PLUS) today announced that it will commence a new share buyback programme today to purchase a total of up to $100 million of the company’s shares.
It is anticipated that the new $100 million buyback programme will commence immediately once the existing $60 million buyback programme which was announced on 14 August 2023, is complete.
The purpose of the new Share Buyback Programme is to further highlight the Board’s continued confidence in the future prospects of Plus500, reflecting the Group’s robust financial position and ability to deliver strong future shareholder returns.
The maximum number of shares that may be repurchased under the Share Buyback Programme is up to 4,815,480 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company’s Extraordinary General Meeting held on 24 July 2023 (EGM) 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 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 Share Buyback Programme will run from today until no later than 31 December 2024. Purchases may continue during any closed period to which the Company is subject during the above‐mentioned period.
