Plus500 Continues Buyback, Spends Nearly £500K

Ever since the 11th of August 2020, Plus500 (LON:PLUS) has been consistently repurchasing its own ordinary shares, as part of its most recent share buyback. Today, Finance Magnates can confirm that the broker has bought nearly 34,000 of its own ordinary shares on the 8th of September, 2020.

In a document filed through the London Stock Exchange (LSE) this Wednesday, the London listed broker revealed that it repurchased 33,850 of its ordinary shares of ILS 0.01, each through Credit Suisse Securities (Europe) Limited, on the 8th of September.

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The volume weighted average price paid per share by the Israel based broker was £14.76. Therefore, Plus500 spent around £499,683.55 on the latest batch. The lowest price paid per share by the company was £14.59 and the highest price paid per share by the firm was around £14.90.

At the same time as announcing its record financial results for the first 6 months of this year, Plus500 announced that it would be commencing yet another share buyback program back in August. In its latest round, the company is planning on repurchasing $67.3 million worth of its own shares.

In its prior share buyback program, the contracts for difference (CFD) trading provider repurchased $38.9 million worth of its own ordinary shares. The program concluded during the first half of 2020.

Plus500 share price remains unsteady

So far this week, Plus500’s share price has been shaky, after surging on the 18th of August 2020, hitting its peak of £15.41.

It’s been a busy past couple of months for the broker. Not only did the firm’s Chief Executive Officer (CEO), David Zruia, announce that the company is preparing to move into physical equity trading, marking a move into mainstream stockbroking for the broker, but the firm reported record financial results.

In recent months Plus500 also announced a number of sports partnerships, as the company tries to further its brand awareness by partnering with Italian football team Atalanta Bergamasca Calcio and Legia Warsaw, a professional football club based in Warsaw.

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