22
February 2024
Plus500
Ltd.
("Plus500", the "Company", or
together with its subsidiaries, the "Group")
Share Buyback
Programme
Plus500, a global multi‐asset
fintech group operating proprietary technology‐based trading
platforms, is pleased to announce that it will commence a new share
buyback programme today to purchase a total of up to $100.0 million
of the Company's shares ("Share Buyback Programme").
It is anticipated that the
new $100.0 million buyback programme will commence immediately once the
existing $60.0 million buyback programme which was
announced on 14 August 2023, is
complete.
The purpose of this Share Buyback
Programme is to further highlight the Board's continued confidence
in the future prospects of Plus500, reflecting the Group's robust
financial position and ability to deliver strong future shareholder
returns. This confidence is supported by the significant
operational and financial momentum achieved by Plus500 over recent
years, as the Group continues to make further progress on its
strategic roadmap.
Plus500's disciplined approach to
capital allocation and cash generative business model enables it to
invest in growth, both organically and through strategic bolt on
acquisitions, maintain a clear dividend policy and return value to
shareholders in the form of share repurchases where
appropriate.
The maximum number of shares that
may be repurchased under the Share Buyback Programme is up to
4,815,480 shares, being the number of shares the Company is
authorised to purchase pursuant to the authority granted by
shareholders at the Company's Extraordinary General Meeting held on
24 July 2023 ("EGM") less the number of shares that have already
been repurchased pursuant to that authority.
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. Liberum
Capital Limited ("Liberum") will manage the Share Buyback
Programme, which is an irrevocable, non‐discretionary share buyback
programme to repurchase the Company's shares on its behalf, and
within certain defined parameters. The Company and its Board
members have no power to invoke any changes to the Share Buyback
Programme and it will be conducted at the sole discretion of
Liberum within the Programme terms.
All ordinary shares repurchased by the Company
under the Share Buyback Programme shall be classified as shares
held in treasury (dormant shares). Such treasury shares are not
entitled to dividends and have no voting rights at the Company's
general meetings.
The Share Buyback Programme will run
from the date of this announcement until no later than 31 December
2024. Purchases may continue during any closed period to which the
Company is subject during the above‐mentioned period.
The Share Buyback Programme will be
affected within the parameters of Article 5(1) of the Market Abuse
Regulation (EU) No 596/2014 (which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018 (the "2018 Act")) ("MAR")
and the Commission Delegated Regulation (EU) No 2016/1052 (which is
part of UK law by virtue of the 2018 Act) as well as the applicable
laws and regulations of the UK Financial Conduct
Authority.
Details of any and all purchases
made under the Programme will be announced no later than 7.00am on
the business day following the calendar day on which the purchase
occurred.
For further details
Plus500 Ltd.
|
|
Elad Even-Chen, Chief
Financial Officer
Owen Jones, Head of Investor
Relations
|
+972 4 8189503
+44 (0) 7551 654208
ir@Plus500.com
|
Dentons Global Advisors
James Melville-Ross
James Styles
Methuselah Tanyanyiwa
|
+44 (0)20 7664 5095
plus500@dentonsglobaladvisors.com
|
About Plus500
Plus500 is a global multi-asset
fintech group operating proprietary technology-based trading
platforms. Plus500 offers customers a range of trading products,
including OTC ("Over-the-Counter" products, namely Contracts for
Difference (CFDs)), share dealing, as well as futures and options
on futures.
The Group retains operating licences
and is regulated in the United Kingdom, Australia, Cyprus, Israel,
New Zealand, South Africa, Singapore, the Seychelles, the United
States, Estonia, Japan, the UAE and the Bahamas and through its OTC
product portfolio, offers more than 2,500 different underlying
global financial instruments, comprising equities, indices,
commodities, options, ETFs, foreign exchange and cryptocurrencies.
Customers of the Group can trade its OTC products in more than 60
countries and in 30 languages.
Plus500's trading platforms are
accessible from multiple operating systems (iOS, Android and
Windows) and web browsers. Customer care is, and has always been,
integral to Plus500. As such, OTC customers cannot be subject to
negative balances. A free demo account is available on an unlimited
basis for OTC trading platform users and sophisticated risk
management tools are provided free of charge to manage leveraged
exposure, and stop losses to help customers protect profits, while
limiting capital losses.
Plus500 shares have a premium
listing on the Main Market of the London Stock Exchange (symbol:
PLUS) and are a constituent of the FTSE 250 index.
www.plus500.com.
The information contained within this announcement is
deemed by the Company to constitute inside information as
stipulated under the Market Abuse Regulation ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Forward looking statements
This announcement contains
statements that are or may be forward-looking statements. All
statements other than statements of historical facts included in
this announcement may be forward-looking statements, including
statements that relate to the Group's future prospects,
developments and strategies. The Company does not accept any
responsibility for the accuracy or completeness of any information
reported by the press or other media, nor the fairness or
appropriateness of any forecasts, views or opinions express by the
press or other media regarding the Group. The Company makes no
representation as to the appropriateness, accuracy, completeness or
reliability of any such information or publication.
Forward-looking statements are
identified by their use of terms and phrases such as "believe",
"targets", "expects", "aim", "anticipate", "project", "would",
"could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions,
including references to assumptions. The forward-looking statements
in this announcement are based on current expectations and are
subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from any results, performance or achievements expressed
or implied by such forward-looking statements. Factors that may
cause actual results to differ materially from those expressed or
implied by such forward looking statements include, but are not
limited to, those described in the Risk Management Framework
section of the Company's most recent Annual Report. These
forward-looking statements are based on numerous assumptions
regarding the present and future business strategies of the Group
and the environment in which it is and will operate in the future.
All subsequent oral or written forward-looking statements
attributed to the Company or any persons acting on its behalf are
expressly qualified in their entirety by the cautionary statement
above. Each forward-looking statement speaks only as at the date of
this announcement. Except as required by law, regulatory
requirement, the Listing Rules and the Disclosure Guidance and
Transparency Rules, neither the Company nor any other party intends
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise.