Plus500, the Israel-based broker has repurchased even more of its ordinary shares as the company continues to execute its share buyback program.
September 15, 2020 | AtoZ Markets – According to a regulatory filing published through the news service of the London Stock Exchange (LSE) this Tuesday, Plus500 has repurchased 26,500 of its ordinary shares, each through Credit Suisse Securities (Europe) Limited, on September 14, 2020.
Plus500 repurchased each share for £14.93
On average, the broker paid £14.93 for each share, which, considering the broker purchased 26,500 shares, means the company forked out approximately £395,735.10 for the latest batch.
Across all of the shares, the lowest price the broker paid for its shares was £14.80 and the highest price was £15.06. Following the latest round of share buybacks, the remaining number of ordinary shares in issue is 105,385,343 (excluding treasury shares), and the company will hold 9,503,034 ordinary shares in treasury, the statement said.
Plus500 said back in February that it plans to repurchase $30 million as part of its share buyback program. The latest share buyback program will run from February 12, 2020, up until August 31 this year. However, the program might end earlier on the date of the announcement of the company’s interim results for the six months ending June 30, 2020.
Plus500 reveals plans to expand into physical equity trading
As AtoZ Markets recently reported, the Plus500 CEO revealed that the firm is planning to move into physical equity trading, moving the online contracts for difference (CFD) broker into mainstream stockbroking.
In particular, the broker is looking at share dealing. This expansion would put the company in competition with Hargreaves Lansdown and AJ Bell. These firms are listed on the FTSE 100 and FTSE 250, respectively.
In August, Plus500 became the main sponsor of the Polish football league, Ekstraklasa, champion Legia Warsaw FC.
Under the agreement, the Israel based broker has become the main sponsor for Atalanta B.C. for three years commencing on the 1st of September 2020. This is the third sports sponsorship announced by the Israel-based broker this year, with the last one announced two weeks prior.