Further to the announcement of its interim results earlier today, Plus500, a leading online service provider for trading Contracts for Difference ("CFDs") internationally, today announces a proposed share buyback programme.
Plus500's Board has approved a programme to buy back up to $50.0 million of the Company's shares. 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 Credit Suisse Securities (Europe) Limited ("CS") to manage an irrevocable, non-discretionary share buyback programme to repurchase the Company's shares on its behalf, and within certain parameters. The Company and its directors have no power to invoke any changes to the above programme and it will be conducted at the sole discretion of CS.
The share buyback programme will run from the date of this announcement to 31 March 2020 or, if earlier, the date of the announcement of the Company's preliminary results for the financial year ended 31 December 2019. Purchases may continue during any closed period to which the Company is subject during the abovementioned period. Shareholders of the Company authorised the buyback of up to 11,333,676 shares at the Company's annual general meeting on 18 June 2019.
The share buyback programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU.
Plus500 operates an online trading platform for individual customers to trade CFDs internationally. The Group offers more than 2,400 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Individual customers of Plus500 can trade CFDs in more than 50 countries and in 32 languages. The trading platform is accessible from multiple operating systems (Windows, smartphones (iOS, Android and Windows Phone), tablets (iOS, Android and Surface) and web browsers). Plus500 retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa and Singapore. Customer care is integral to Plus500: customers cannot be subject to negative balances and there are no commissions on trades. Plus500 does not utilise cold calling techniques and does not offer binary options. A free demo account is available on an unlimited basis for platform users, and sophisticated risk management tools are provided free of charge to manage your leveraged exposure, and stop losses to help customers protect profits and limit capital losses. Plus500 is listed on the main market of the London Stock Exchange, under the symbol PLUS. www.plus500.com
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