Standing as part of the latest share buyback program from the finance firm, Plus500 has purchased another 23,000 of the company’s ordinary shares. This was done alongside the Cypriot Chief Executive Officer, Ofir Chudin.
Purchasing Shares To Hold In Treasury
As per the two filings that were published via the London Stock Exchange news service, Plus500 has purchased 23,000 more of its ordinary shares on the 29th of April, 2020. This was bought at an average volume-weighted price of £12.86. If you crunch the numbers, £295,790 was spent by the Isreal-based broker to buy the latest batch of shares.
Through the regulatory filing, Plus500 explained that these repurchased shares would be held within a treasury. After these shares were purchased by the broker, there will only be 106,660,778 ordinary shares in issue of the company, excluding treasury shares. The company is planning to hold 8,227,599 ordinary shares in the treasury. The implication of this, however, is the total voting rights within Plus500 stands at 106,660,778, according to the filing itself.
Chudin Taking Part
Alongside this massive ordinary share repurchasing campaign, Chudin himself took part. Chudin, the current CEO of Plus500CY Ltd, purchased 1,917 company shares on the 29th of April, 2020. He did so through a single purchase, each share valued at £12.89, spending a total of £24,537.60 for the share purchase.
The COVID-19 pandemic has managed to cause a lot of damage to the world’s many industries. However, it’s only been a massive boost to business for firms like Plus500. Through a trading update that it had revealed on Tuesday, the firm showed that it is continuing a massive increase in customer trading activity.
One Man’s Death Is Another Man’s Bread
The company came out with a statement today, explaining that the performance levels across all operational, financial KPIs are very strong. The Group stated that it’s still attracting a large number of new customers at attractive costs. Alongside this, Plus500 cites an increase in activity from existing clients, as well.
The Isreal-based broker went further, highlighting the strong performance it managed to achieve within Q1 2020. According to Plus500, the broker has seen an increase in momentum within the second quarter, with substantial gains from the customer trading performance, in particular. This is expected to be neutral over time, however.
While the world at large is struggling to get back to the way things were after the Coronavirus hit, it seems that some companies will get a boon from it. With any luck, the rest of the world’s industries can follow suit, as well.