Online trading company Plus500 Ltd today announced a new proposed share buyback program set to run from today to August 11, 2021.
February 17, 2021 | AtoZ Markets – After having completed its last share buyback program in August 2020, Plus500 (LON:PLUS) is back at it again, with the London-listed broker repurchasing its ordinary shares.
According to today’s announcement, the Israel-based broker revealed that it would be commencing yet another share buyback program. In its latest round, the company is planning on repurchasing $25 million worth of its own shares.
Plus500 Share Buyback Program Set to Run from Today to August 11, 2021
According to a regulatory filing through the news service of the London Stock Exchange (LSE), on February 17, 2021, 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.
The Company has appointed Credit Suisse Securities Limited to manage an irrevocable, non-discretionary share buyback program to repurchase the Company’s shares on its behalf, and within certain parameters. Thus, Plus500 and the Board have no power to invoke any changes to the program and it will be conducted at the sole discretion of Credit Suisse Securities.
Looking at the document, the share buyback program will run from today to August 11, 2021 or, if earlier, the date of the announcement of the company’s interim results for the six months ending June 30, 2021. Purchases may continue during any closed period to which Plus500 is subject during the above-mentioned period.
Shareholders of the company authorized the buyback of up to 10,597,917 shares at the Company’s annual general meeting (AGM) held on 16 September 2020, of which 2,806,897 shares were purchased as of the date of this announcement under the completed August 2020 Program. The current shareholder authorization extends until the Company’s 2021 AGM, unless such authority is renewed prior to this time.
Plus500’s Board intends to seek shareholder authorization at Plus500’s 2021 AGM to renew the company’s share buyback authorization for an additional year.
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