Plus500 Share Price in Green, Buys Nearly 34K of Own Shares

It’s a new week, and that means that the latest share buyback program currently being executed by Plus500 continues, with the broker revealing this Monday it has bought just under 34,000 more of its own ordinary shares.

In particular, on Friday, the 4th of September 2020, the London listed broker repurchased 33,750 of its own ordinary shares of ILS 0.01 each through Credit Suisse Securities (Europe) Limited.

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According to a regulatory document filed through the London Stock Exchange (LSE) this Monday, the volume weighted average price paid per share by the broker was around £14.79. Therefore, Plus500 spent approximately £499,182,75 on its latest batch of shares.

Whilst the overall average price paid by Plus500 was £14.79, the lowest price paid per share by the Israel based broker was £14.45 and the highest price paid per share across the 33,750 shares was £15.04.

“The Company will hold the repurchased shares in treasury. Following the purchase of these shares, the remaining number of ordinary shares in issue will be 105,579,143 (excluding treasury shares), and the company will hold 9,309,234 ordinary shares in treasury,” the company said in its regulatory filing today.

Plus500 shares are in the green

After peaking on the 18th of August 2020, the share price of Plus500 has been hovering around the £14.60-£14.80 mark since the beginning of September. So far today, the company’s share price has been in the green.

The latest batch of shares is in line with the recent trend of the London listed broker. In recent weeks, the company repurchases about 30 thousand of its own shares each weekday and spends close to £500,000 for each round.

As Finance Magnates reported, as part of its latest program, the firm plans to repurchase $67.3 million worth of its own shares. It will run from 11th August 2020 up until 28th February 2021. It is possible for the broker to end the program earlier on the date of the announcement of its preliminary results for the year ended on 31st December 2020.

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