RNS Number : 4256X
Plus500 Limited
18 February 2025
 

18 February 2025

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 the commencement of a new share buyback programme today, to purchase a total of up to $110.0m of the Company's shares (the "Share Buyback Programme"). It is anticipated that the new $110.0 million buyback programme will commence immediately once the existing $110.0 million buyback programme, which was announced on 19 August 2024 and commenced on 27 August 2024, is complete. The Share Buyback Programme forms part of the $200.0m shareholder returns announced today alongside the Company's FY 2024 Preliminary Results.

This significant Share Buyback Programme underscores the Board's ongoing confidence in the future prospects of Plus500. It also reflects the Group's robust financial position, cash generative business model and ability to deliver strong shareholder returns over the medium-term. This confidence is reinforced by the substantial operational and financial momentum achieved in recent years, including during FY 2024.

The FY 2024 Preliminary 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 31 December 2024, the Group held approximately $0.9bn of its own cash on its balance sheet, enabling it to pursue organic and inorganic growth initiatives, while delivering attractive and sustainable shareholder returns. These enhanced shareholder returns total $200.0m, comprising share buybacks of $110.0m and dividends of $90.0m.

The maximum number of shares the Company is entitled to repurchase under the Share Buyback Programme is 2,352,289 shares. This figure represents the total number of shares which the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's most recent Annual General Meeting held on 7 May 2024 after deducting those shares which have already been repurchased pursuant to that authority. The Company will seek additional authority from its shareholders to make purchases of its own ordinary shares at its upcoming AGM.

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 December 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 English 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 English 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 UK time on the next business day following the calendar day upon 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. It was admitted to the Equity Shares in Commercial Companies ("ESCC") Category of the Official List and is a constituent of the FTSE 250 Index and the STOXX Europe 600 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 UK 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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