27 August 2024
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 commence a new share
buyback programme today to purchase a total of up to $110.0m of the
Company's shares ("Share Buyback Programme"). The Share Buyback
Programme is part of the $185.5m of shareholder returns announced
in the Company's H1 2024 Interim Results on 19 August
2024.
This larger Share Buyback Programme,
which follows on from the $100.0m buyback programme announced in
February 2024 and completed in August 2024, highlights the Board's
continued confidence in the future prospects of Plus500. It also
reflects the Group's robust financial position, cash generative
business model and ongoing ability to deliver strong shareholder
returns over the medium-term. This confidence is supported by the
significant operational and financial momentum Plus500 has achieved
in recent years, including during H1 2024, as reflected in the H1
2024 Interim Results.
The H1 2024 Interim Results
highlighted the Group's excellent strategic, operational and
financial progress during the period, achieved through the
successful execution of its strategic roadmap. As of 30 June 2024,
the Group held over $1bn of its own cash on
its balance sheet for the first time, enabling it to pursue organic
and inorganic growth initiatives, whilst also delivering attractive
and sustainable returns to shareholders through enhanced
shareholder returns totalling $185.5m, comprising total share
buybacks of $110.0m and total dividends of $75.5m.
The maximum number of shares the
Company is entitled to repurchase under the Share Buyback Programme
is up to 5,694,522 shares. This figure represents
the total shares the Company was authorised to purchase pursuant to
the authority granted by shareholders at the Company's most recent
Annual General Meeting held on 7 May 2024
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 executed from time to time
depending on market conditions, share price, trading volume and
other factors. Panmure Liberum Limited ("Panmure 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. Neither the Company nor its Board members have the
authority to invoke any changes to the Share Buyback Programme, as
it will be conducted solely at the discretion of Panmure Liberum,
in accordance with the established 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 March
2025. 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 Share Buyback Programme will be announced no later
than 7.00am on the business day following the calendar day on which
the purchases occurred.
For
further details:
Plus500 Ltd.
|
|
Elad Even-Chen, Chief
Financial Officer
Owen Jones, Head of Investor
Relations
|
+972 4 8189503
+44 (0) 7551 654208
ir@Plus500.com
|
DGA
Group
|
|
James
Melville-Ross
James Styles
Methuselah
Tanyanyiwa
|
+44 (0)20 7664 5095
Plus500@dgagroup.com
|
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, 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 60
countries and in 30 languages.
Plus500's trading platforms are
accessible from multiple operating systems (iOS, Android and
Windows) 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 was admitted to trading on
the London Stock Exchange (LON: PLUS) on 24 July 2013, is admitted
to the Equity Shares in Commercial Companies" ("ESCC") Category of
the Official List and is a constituent of the FTSE 250 Index.
Website: www.plus500.com.
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", "project", "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 of 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.