On January 6th, 2020, the online trading company Plus500 has managed to purchase 57,000 shares back at a price on average of 854.78 GBP for each share.
What Did the Repurchase Do to Help?
Plus500 Ltd made an early announcement, that, according to its agreement of its share buy-back program, the trading service provider has managed to buy over 57,000 shares of ILS 0.01 each through the Credit Suisse Securities (Europe) Limited. The highest price on each share was 916 GBP, and the lowest price of each share was 805.6 GBP.
Plus500 have decided that the shares they recently purchased back will be stored in the treasury. Along with the purchase of the renewed shares, the rest of the ordinary shares will be about 108,973,702; this excludes the treasury shares. The trading services provider will be responsible for holding about 5,914,675 of ordinary shares in its treasury. This means that the total amount of voting rights in the trading services provider will consist of 108,973,702.
When Plus500 reported its analysis for the third quarter of 2019, which offered an update on all the progress that has taken place from the share buy-back program. In October 2019, the broker released a statement that it has managed to purchase back 1,639,246 shares in the third quarter. The cost of the repurchase was a partial cost of 14.7Mn USD, from the total 50Mn USD shares buy-back program that was established on August 20th, 2019.
With Plus500 and its overall performance, the trading provider has expected revenue to increase, along with the fact that there were high improvements and changes in the second half of the year. The first half of 2019 was hard for the trading service provider, but it managed to get back on its feet soon after.
Who are Plus500?
Plus500 is a brokerage firm that specializes in CFD; they were established in Israel in 2008. Many clients claim that Plus500 is very safe and secure, which is why it is one of the most trusted and globally refined brokerage firms across the world. Currently, they have various branches all around the globe; their branches are in places like: Cyprus, UK, Australia, Singapore, and many other places throughout the world map. Plus500 has over 317 thousand active clients, where they keep their funds safe and their identities private.
Plus500 allows retail and professional clients to trade CFDs on a range of commodities, where their financial services are available in more than 50 countries. They also have quality technical support in thirty two languages, where they offer 247 assistance for their clients, giving them a generous response from their clients who appreciate their attentiveness.