Plus500 has sent out yet another announcement regarding the London-listed broker’s many executions of its latest share buyback program. In the latest development, the company revealed on Tuesday that it had repurchased over 26,000 of its ordinary shares.
Crunching The Numbers
While the amount may be less than typical, 26,500, Plus500 purchased these ordinary shares by way of Credit Suisse Securities (Europe) Limited and did some on Monday, the 14th of September, 2020.
As per the document published through the London Stock Exchange (LSE) news service on Tuesday, the volume-weighted average price that Plus500 had paid for the shares has been set at £14.93. Crunching the numbers some, the Isreal-based broker had forked over around £395,735.10 in order to purchase all of these shares.
Once More Into The Markets
As for the specifics about each share price, Plus500 showed that the lowest price for purchasing these 26,500 shares had been set at £14.80. The highest, by contrast, stands at £15.06.
As is the norm with these statements, as Plus500 has been doing this for some time now, the broker made a statement which they filed through the LSE earlier today. This statement reiterated the fact that the company will opt to hold these repurchased shares in the treasury. Once these shares have been purchased, the remaining amount of ordinary shares in circulation has been set at 105,385,343, which excludes treasury shares. The company itself will hold a total of 9,503,034 in ordinary shares in the treasury, in turn.
Building On Previous Success
This share buyback stands as the latest in an ongoing program that Plus500 had started back on the 11th of August, 2020. With this latest program, the company plans to purchase $67.3 million in its own shares, in total. This program will run from the 11th of August, 2020, to the 28th of February, 2021. As is always stipulated, the broker has made it clear that it’s possible to have it end the program earlier. In particular, it could end the program on the date of the announcement of its preliminary results for the year, ending on the 31st of December, 2020.
In the previous share buyback program, which was announced prior to this one in August of this year, CFD trading provider had repurchased an impressive $38.9 million of its own ordinary shares. This program had concluded on the first half of 2020, with Plus500 opting to continue with something that works.