Retail FX and CFD broker Plus500 Ltd (LON:PLUS) today announced that it will launch a new share buyback program today to buy up to a total of $100 million of shares in the company.
It is expected that the new $100 million repurchase program will begin immediately upon completion of the existing $60 million repurchase program announced on August 14, 2023.
The purpose of the new Share Purchase Program is to further emphasize the Board’s continued confidence in Plus500’s future prospects, reflecting the Group’s strong financial position and the Group’s ability to deliver strong future shareholder returns.
The maximum number of shares that may be repurchased under the Share Repurchase Program is up to 4,815,480 shares, which is the number of shares that the Company is authorized to purchase pursuant to the authorization granted by the shareholders at the Company’s Extraordinary General Meeting which held on July 24, 2023 (EGM) less the number of shares that have already been redeemed in accordance with the aforementioned principle.
Share purchases will be made 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 administer the Share Buyback Programme, which is an irrevocable, non-discretionary share buyback program on its behalf, and within certain specified parameters.
The Share Buyback Program will be effective from today until December 31, 2024 at the latest. Purchases may continue during any closed period to which the Company is subject during the aforementioned period.