REG - Plus500 Ltd - Share Buyback Programme Announcement

Plus500Announcement

16/08/2023 07:15

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RNS Number : 4276J  Plus500 Limited  16 August 2023

16 August 2023

 

Plus500 Ltd.

("Plus500", the "Company", or together with its subsidiaries, the "Group")

Share Buyback Programme

Plus500, an established global multi‐asset fintech group operating
proprietary technology‐based trading platforms, is pleased to announce that
it will today commence a new share buyback programme to purchase a total of up
to $60.0 million of the Company's shares ("Share Buyback Programme"). It is
anticipated that the new $60.0 million buyback programme will commence
immediately once the existing $70.0 million buyback programme is complete.

The purpose of this Share Buyback Programme is to further highlight the
Board's continued confidence in the future prospects of Plus500, reflecting
the Group's robust financial position and ability to deliver strong future
shareholder returns. This confidence is supported by the significant
operational and financial momentum achieved by Plus500 over recent years, as
the Group continues to make further progress on its strategic roadmap.

Plus500's disciplined approach to capital allocation and cash generative
business model enables it to invest in growth, both organically and through
strategic bolt on acquisitions, maintain a clear dividend policy and return
value to shareholders in the form of share repurchases where appropriate.

The maximum number of shares that may be repurchased under the Share Buyback
Programme is up to 8,032,980 shares, being the number of shares the Company is
authorised to purchase pursuant to the authority granted by shareholders at
the Company's Extraordinary General Meeting held on 24 July 2023 ("EGM") less
the number of shares that have already been repurchased pursuant to that
authority.

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price, trading volume
and other factors. Liberum Capital Limited ("Liberum") will manage the Share
Buyback Programme, which is an irrevocable, non‐discretionary share buyback
programme to repurchase the Company's shares on its behalf, and within certain
defined parameters. The Company and its Board members have no power to invoke
any changes to the Share Buyback Programme and it will be conducted at the
sole discretion of Liberum within the Programme terms.

All ordinary shares repurchased by the Company under the Share Buyback
Programme shall be classified as shares held in treasury (dormant shares).
Such treasury shares are not entitled to dividends and have no voting rights
at the Company's general meetings.

The Share Buyback Programme will run from the date of this announcement until
the announcement of the Company's preliminary results for the twelve months
ending 31 December 2023. Purchases may continue during any closed period to
which the Company is subject during the above‐mentioned period.

The Share Buyback Programme will be affected within the parameters of Article
5(1) of the Market Abuse Regulation (EU) No 596/2014 (which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018 (the "2018 Act"))
("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (which is
part of UK law by virtue of the 2018 Act) as well as the applicable laws and
regulations of the UK Financial Conduct Authority.

Details of any and all purchases made under the Programme will be announced no
later than 7.00am on the business day following the calendar day on which the
purchase occurred.

For further details

Plus500 Ltd.
   Elad Even-Chen, Chief Financial Officer   +972 4 8189503

   Owen Jones, Head of Investor Relations    +44 (0) 7551 654208

                       ir@Plus500.com (mailto:ir@Plus500.com)

 Dentons Global Advisors

 James Melville-Ross                         +44 (0)20 7664 5095

 James Styles                                plus500@dentonsglobaladvisors.com (mailto:plus500@dentonsglobaladvisors.com)

 Leah Dudley

About Plus500

Plus500 is an established global multi-asset fintech group operating
proprietary technology-based trading platforms. Plus500 offers customers a
range of trading products, including OTC ("Over-the-Counter" products, namely
Contracts for Difference (CFDs)), share dealing, as well as futures and
options on futures.

The Group retains operating licences and is regulated in the United Kingdom,
Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the
Seychelles, the United States, Estonia, Japan, the UAE and the Bahamas and
through its OTC product portfolio, offers more than 2,500 different underlying
global financial instruments, comprising equities, indices, commodities,
options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group
can trade its OTC products in more than 50 countries and in 30 languages.

Plus500's trading platforms are accessible from multiple operating systems
(Windows, iOS and Android) and web browsers. Customer care is and has always
been integral to Plus500, as such, OTC customers cannot be subject to negative
balances. A free demo account is available on an unlimited basis for OTC
trading platform users and sophisticated risk management tools are provided
free of charge to manage leveraged exposure and stop losses to help customers
protect profits, while limiting capital losses.

Plus500 shares have a premium listing on the Main Market of the London Stock
Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index.
www.plus500.com (http://www.plus500.com) .

The information contained within this announcement is deemed by the Company
to constitute inside information as stipulated under the Market Abuse
Regulation ("MAR"). Upon the publication of this announcement via Regulatory
Information Service ("RIS"), this inside information is now considered to be
in the public domain.

Forward looking statements

This announcement contains statements that are or may be forward-looking
statements. All statements other than statements of historical facts included
in this announcement may be forward-looking statements, including statements
that relate to the Group's future prospects, developments and strategies. The
Company does not accept any responsibility for the accuracy or completeness of
any information reported by the press or other media, nor the fairness or
appropriateness of any forecasts, views or opinions express by the press or
other media regarding the Group. The Company makes no representation as to the
appropriateness, accuracy, completeness or reliability of any such information
or publication.

Forward-looking statements are identified by their use of terms and phrases
such as "believe", "targets", "expects", "aim", "anticipate", "projects",
"would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions, including
references to assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and unknown risks
and uncertainties that could cause actual results, performance and
achievements to differ materially from any results, performance or
achievements expressed or implied by such forward-looking statements. Factors
that may cause actual results to differ materially from those expressed or
implied by such forward looking statements include, but are not limited to,
those described in the Risk Management Framework section of the Company's most
recent Annual Report. These forward-looking statements are based on numerous
assumptions regarding the present and future business strategies of the Group
and the environment in which it is and will operate in the future. All
subsequent oral or written forward-looking statements attributed to the
Company or any persons acting on its behalf are expressly qualified in their
entirety by the cautionary statement above. Each forward-looking statement
speaks only as at the date of this announcement. Except as required by law,
regulatory requirement, the Listing Rules and the Disclosure Guidance and
Transparency Rules, neither the Company nor any other party intends to update
or revise these forward-looking statements, whether as a result of new
information, future events or otherwise.

 

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