Plus500 Spends Over $1M in Two Sessions to Buyback Own Shares

UK-listed broker Plus500 (LON:PLUS) has of its ordinary shares under the recent program of repurchasing $67.3 million of its own shares.
Filings with the London Stock Exchange (LSE) show that the broker bought 34,000 and 33,000 of its ordinary shares of ILS 0.01 each through Credit Suisse Securities (Europe) Limited respectively on Friday and Monday.

On Friday, the broker paid a volume weighted average price of £14.42, while the average went up to £14.87 in the next trading session. This means the company paid £490,280 and £490,710 respectively in purchasing the shares in the last two trading sessions.
“The Company will hold the repurchased shares in treasury,” Plus500 noted in the recent filing. “Following the purchase of these shares, the remaining number of ordinary shares in issue will be 105,844,043 (excluding treasury shares), and the company will hold 9,044,334 ordinary shares in treasury.”
Buyback when the prices are low
announced the latest share buyback program earlier this month while reporting its half-yearly finances, showing a . Since then, the broker has bought its shares in six trading sessions, including the recent two. The ongoing buyback program will end on February 28, 2021.
It is also possible for the broker to end the program earlier on the date of the announcement of its preliminary results for the year ended on the 31st of December 2020.
As the COVID-19 induced market volatility benefited the brokers, Plus500’s business also boomed. The platform’s shares jumped over 70 percent since the beginning of this year and are currently trading at £14.82 apiece, as of press time.
The broker started the purchases slowly with only 4,119 of its ordinary shares on August 11 and another 5,313 shares on August 18. However, as the company share prices gained upward momentum, the size of the batches also increased significantly.
As Finance Magnates reported earlier, the broker is continuously extending its share buyback program. The broker also ran two share buyback programs of $30 million and $60 million respectively, before the ongoing program.