REG - Plus500 Ltd - Share Buyback Programme

Plus500Announcement

28/02/2023 07:16

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RNS Number : 2136R  Plus500 Limited  28 February 2023

28 February 2023

 

Plus500 Ltd.

 

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

 

Share Buyback Programme

 

Plus500, a 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
$70.0 million of the Company's shares ("Share Buyback Programme"), as
previously announced on 14 February 2023, as part of the Company's FY 2022
preliminary results. The Share Buyback Programme is comprised of a final share
buyback programme of $42.4 million and a special share buyback programme of
$27.6 million.

 

Launch of the Share Buyback Programme follows the completion of the Company's
most recent share buyback programme of $60.2 million, which was announced on
17 August 2022, and commenced on 1 November 2022. The Company also completed
during the course of FY 2022 a special buyback programme of $50.0 million,
announced on 13 April 2022.

 

The purpose of this Share Buyback Programme is to further highlight the
Board's continued confidence in the future prospects of Plus500 and reflects
its strong financial position. 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.

 

The maximum number of shares that may be repurchased under the Share Buyback
Programme is up to 9,959,828 shares, being the number of shares the Company is
currently authorised to purchase pursuant to the authority granted by
shareholders at the Company's 2022 Annual General Meeting held on 3 May 2022
("AGM") of which 6,971,719 shares have been purchased as of 27 February 2023
(excluding those shares purchased on the day of the AGM). The Board intends to
seek shareholder approval at the Company's 2023 Annual General Meeting to
renew the Company's share buyback authorisation for an additional year.

 

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. The Company has appointed Jefferies International Limited
("Jefferies") to 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 Jefferies 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
no later than 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.

 

 

 

For further details

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

   Rob Gurner, Head of Investor Relations    +44 7825 189088

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

 Brunswick                                   +44 20 3128 8549

   Charles Pretzlik, Partner                 Plus500@brun (mailto:Plus500@brunswickgroup.com) swickgroup.com

                     (mailto:Plus500@brunswickgroup.com)
   Paul Durman, Partner

 

About Plus500

 

Plus500 is a 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 and the UAE 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 does
not permit customers located in the US to trade its OTC products.

Plus500 does not utilise cold calling techniques and does not offer binary
options. 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 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 expressed 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 currently operates 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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