Plus500 seems to have found a trend it wants to keep on doing. The London-listed broker had just completed its previous share buyback program, but seems to be keen on doing it again. This time, Plus500 is making plans to repurchase more than 4 thousand ordinary shares of its company.
Sticking To what Works
It was just yesterday, the same time Plus500 announced its record financial results for the year’s first semester, when the Isreal-based broker unveiled its new plans. The firm will commence one more share buyback program, with its latest round seeing a repurchasing of $67.3 million in its own shares.
On the 11th of August, 2020, Plus500 purchased 4,119 of its ordinary shares of ILS 0.01, doing so through Credit Suisse Securities (Europe) Limited. This information comes by way of a regulatory filing done by the London Stock Exchange news service.
£12.87 Per Share On Average
Crunching the numbers, Plus500 spent £12.87 per share, based on the volume-weighted average price. Thus, for its first batch of shares, the broker had already spent £52,999.58. The highest price paid per share stood at £12.91, with the lowest one being £12.81. At least the price is staying relatively stable, all things considered.
Looking at the document, it seems that Plus500 is going for a slow start with this new buyback program. With its previous buyback, the broker spent a staggering £300,000 per batch of shares bought, doing so on the regular.
The buyback program prior to this new one says the Contracts of Difference (CFD) trading provider repurchase a staggering $38.9 million in its own ordinary shares. This program concluded during the first half of 2020. It seems that Plus500 found this venture so successful that it wants to do it again, as well.
Reaping The Rewards
Tuesday’s trading close saw Plus500’s share price hit a new high since the onset of the COVID-19 pandemic altogether. It was even higher than when March saw to a massive spike in volatility due to COVID-19. As it stands now, the share price of the broker stands at around £14.00.
As it stands now, the company will hold these repurchased shares within a treasury. After this new repurchasing round meets its end, the total remainder of ordinary shares available to be issued to the public is 105,975,056. The company itself will hold on to 8,913,321 ordinary shares, keeping it in treasury. According to the documents Plus500 filed through the LSE, this will mean that Plus500 will see a total voting right of 105,975,056.