Retail FX and CFD broker Plus500 Ltd have announced the commencement of a new share buyback program totalling up to $100 million.
The decision follows the ongoing success of the existing $60 million buyback programme, which was on August 14, 2023. Upon completion of the current initiative, the new $100 million buyback programme is going to kick off immediately, demonstrating the company’s sustained belief in its robust financial standing and the potential for delivering robust shareholder returns.
The new Share Buyback Programme, sanctioned by the board, allows for the repurchase of a maximum of 4,815,480 shares. This figure aligns with the authority granted by shareholders during the Extraordinary General Meeting held on July 24, 2023 (EGM), adjusted for the shares already repurchased under the previous authorization.
Plus500 Ltd Launches $100 Million Share Buyback Program
Share purchases will be through open market transactions and will be contingent on market conditions, share prices, trading volume, and other relevant factors. Liberum Capital Limited has been designated to oversee the Share Buyback Programme, operating within defined parameters and managing the repurchase of company shares on behalf of Plus500 Ltd in a non-discretionary manner.
The Share Buyback Programme is going to run from today until no later than December 31, 2024. Importantly, share purchases may continue even during any closed period applicable to the company within the specified timeframe. This move underscores Plus500 Ltd’s commitment to enhancing shareholder value and its confidence in navigating the dynamic landscape of the financial markets.
With Liberum Capital Limited overseeing the Share Buyback Programme, Plus500 Ltd aims to navigate market conditions and make strategic share purchases in an effort to enhance shareholder value. The maximum number of shares authorized for repurchase, coupled with the flexibility to continue purchases during closed periods, demonstrates a forward-looking approach to shareholder returns.
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