Plus500 Spends Close to £500K on Most Recent Share Buyback

As Plus500’s (LON:PLUS) share price starts off this Friday in the green, the London listed broker has provided an update for its latest share buyback program in which the company plans on repurchasing more than $60 million of its own ordinary shares.

Today, Plus500 revealed in a regulatory document published via the London Stock Exchange (LSE) that it has repurchased 33,000 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited, on Thursday the 17th of September 2020.

As Finance Magnates has covered extensively, Plus500 has been purchasing its own ordinary shares on a daily basis since the 11th of August 2020, when the firm commenced the most recent program.

Plus500 average daily buyback

Overall, Plus500 repurchases between 30,000 – 35,000 of its own ordinary shares and spends close to £500,000 per batch, with the occasional exception. On the 17th of September, the volume weighted average price paid per share by the broker was £14.98. Therefore, the Israel based broker spent around £494,194.80.

According to the document, the lowest price paid per share by the broker was £14.89 and the highest price paid per share by the firm was £15.14. As at the time of publishing, the company’s share price has increased by around 0.3 per cent.

The broker aims to spend $67.3 million

At the same time as announcing its record financial results for the first six months of this year, Plus500 announced that it would be commencing yet another share buyback program back in August. In its latest buyback round, the online contracts for difference (CFD) trading provider is planning on repurchasing $67.3 million worth of its own shares.

In its prior share buyback program, the contracts for difference (CFD) trading provider repurchased $38.9 million worth of its own ordinary shares. The program concluded during the first half of 2020.