Plus500 Announces New $60M Share Buyback Programme

Plus500, a global multi-asset fintech group operating technology-based trading platforms, today announced a new share buyback programme to purchase a total of up to $60.0 million of its own shares. The commencement of the new $60.0 million buyback programme is expected to take place immediately upon the completion of the existing $70.0 million buyback programme.

Plus500 stated in the announcement: "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."

During the six month ended June 30, 2023 (H1 2023), Plus500 continued its strong financial performance with revenue of $368.8 million​, increasing 15% compared to $321.2 million in H2 2022.

The Share Buyback Programme allows for a maximum repurchase of up to 8,032,980 shares, which represents the shares authorized for purchase at the Company's Extraordinary General Meeting held on 24 July 2023 minus the number of shares that have already been repurchased under that authorization.

Share purchases will be conducted through open market transactions and will be carried out from time to time based on factors such as market conditions, share price, trading volume, and other relevant considerations. Liberum Capital Limited has been appointed to manage the 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 do not have the authority to make any changes to the programme, as it will be executed solely at the discretion of Liberum, in accordance with the terms of the Programme.

Any ordinary shares repurchased by Plus500 as part of the Share Buyback Program will be classified as shares held in treasury. These treasury shares will not be eligible for dividends and will not carry voting rights at the Company's general meetings.

The Share Buyback Program will be in effect from the date of this announcement until the Plus500's preliminary results for the twelve-month period ending on December 31, 2023 are announced. Purchases may continue during any closed period to which the Company is subject during the above‐mentioned period.