TIDMPLUS
RNS Number : 2136R
Plus500 Limited
28 February 2023
28 February 2023
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 today commence a new share buyback programme
to purchase a total of up to $70.0 million of the Company's shares
("Share Buyback Programme"), as previously announced on 14 February
2023, as part of the Company's FY 2022 preliminary results. T he
Share Buyback Programme is comprised of a final share buyback
programme of $42.4 million and a special share buyback programme of
$27.6 million.
Launch of the Share Buyback Programme follows the completion of
the Company's most recent share buyback programme of $60.2 million,
which was announced on 17 August 2022, and commenced on 1 November
2022. The Company also completed during the course of FY 2022 a
special buyback programme of $50.0 million, announced on 13 April
2022.
The purpose of this Share Buyback Programme is to further
highlight the Board's continued confidence in the future prospects
of Plus500 and reflects its strong financial position . 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.
The maximum number of shares that may be repurchased under the
Share Buyback Programme is up to 9,959,828 shares, being the number
of shares the Company is currently authorised to purchase pursuant
to the authority granted by shareholders at the Company's 2022
Annual General Meeting held on 3 May 2022 ("AGM") of which
6,971,719 shares have been purchased as of 27 February 2023
(excluding those shares purchased on the day of the AGM). The Board
intends to seek shareholder approval at the Company's 2023 Annual
General Meeting to renew the Company's share buyback authorisation
for an additional year.
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
Jefferies International Limited ("Jefferies") to 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 Jefferies 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 f rom the date of this
announcement until no later than 31 December 2023. 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.
For further details
Plus500 Ltd.
Elad Even-Chen, Chief +972 4 8189503
Financial Officer +44 7825 189088
Rob Gurner, Head of ir@Plus500.com
Investor Relations
Brunswick +44 20 3128 8549
Charles Pretzlik, Partner Plus500@brun swickgroup.com
Paul Durman, Partner
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 and the UAE 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 50 countries and in 30 languages. Plus500
does not permit customers located in the US to trade its OTC
products.
Plus500 does not utilise cold calling techniques and does not
offer binary options. Plus500's trading platforms are accessible
from multiple operating systems (Windows, iOS and Android) 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 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
expressed 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", "projects", "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
currently operates 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.
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END
POSKDLFLXLLLBBV
(END) Dow Jones Newswires
February 28, 2023 02:02 ET (07:02 GMT)
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