The international provider of trading services in CFDs, Plus500, announced a new share buyback programme today.
The board of directors approved new buyback programme to additional $30.0 million of Plus500’s shares, just having completed the programme from August 2019 for $50.0 million. The purchases of share will take place in an open market transaction and market conditions, share price, trading volume and other factors will be taken into consideration.
Credit Suisse Securities (Europe) Limited (“CS”) is appointed to mange the programme on the company’s behalf. Plus500 and its directors cannot invoke changes to the programme.
The buyback programme will run until 31 August 2020 or until the announcement of the six months interim results on 30 June 2020. At the company’s annual meeting on 18 June 2019, shareholders authorised buyback of up to 11,333,676 shares. Of those, 5,008,920 shares are already purchased as part f the August programme. The shareholder authorisation is valid until the company’s annual meeting or at the close of business on 18 September 2020. The board intends to extend the shareholder authorisation and renew the buyback program for an additional year.
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