Odey Asset Management continues its buying spree in shares of Plus500, taking their position above 25% with purchases made yesterday.
Odey Asset Management has already proven to be the most bullish institution favoring shares of Plus500. Prior to news that Playtech made a 400p offer for Plus500, the value- focused Odey had already become the largest single owner of the CFD broker’s stock, having amassed a 21% stake as of last Friday.
Even with the deal in place, Odey hasn’t slowed down its purchases of Plus500 stock, with a filing today showing that as of yesterday’s trading, they increased their stake to 25.49%. The buying occurs as shares of Plus500 spent all of yesterday below the 400p bid price from Playtech, trading most of the day at 375p. Subsequently, shares have weakened today, hitting a low of 340p before spiking above 350p as the filing of Odey’s 25% stake was released.
Value Play or Higher Bids?
With some questioning as to whether Playtech will be able to finalize an Acquisition of Plus500, given the overhang of Compliance and regulatory problems the broker is dealing with in the UK, it may be enough to have caused some shareholders to exit the stock. As such, Odey’s continued interest yesterday can be seen as the result of them continuing to see value in Plus500 shares, and that the 400p bid price is solid and provides around 6% upside on any purchases yesterday.
However, as noted yesterday, Odey may be looking for a larger return and expecting a higher bid in the market to materialize. Leading the buying has been James Hanbury, the lead portfolio manager for Odey Absolute Return and Allegra Developed Market funds, each owning sizable positions in Plus500. With a 25.49% stake, Odey has grown its influence large enough that it could block Playtech’s acquisition by convincing just above 63% of the non-Director or Founder related shareholders to vote against the deal.
Beyond Odey, other institutions holding shares include JPMorgan Asset Management, Investec Asset Management, and Hargreave Hale, estimated to have a combined holding of around 20%. Therefore, if those shareholders are aligned with Odey, they should have the ability to either nix the 400p bid, request a higher price from Playtech, or push Plus500’s board to search for additional buyers.
Odey Asset Management has already proven to be the most bullish institution favoring shares of Plus500. Prior to news that Playtech made a 400p offer for Plus500, the value- focused Odey had already become the largest single owner of the CFD broker’s stock, having amassed a 21% stake as of last Friday.
Even with the deal in place, Odey hasn’t slowed down its purchases of Plus500 stock, with a filing today showing that as of yesterday’s trading, they increased their stake to 25.49%. The buying occurs as shares of Plus500 spent all of yesterday below the 400p bid price from Playtech, trading most of the day at 375p. Subsequently, shares have weakened today, hitting a low of 340p before spiking above 350p as the filing of Odey’s 25% stake was released.
Value Play or Higher Bids?
With some questioning as to whether Playtech will be able to finalize an Acquisition of Plus500, given the overhang of Compliance and regulatory problems the broker is dealing with in the UK, it may be enough to have caused some shareholders to exit the stock. As such, Odey’s continued interest yesterday can be seen as the result of them continuing to see value in Plus500 shares, and that the 400p bid price is solid and provides around 6% upside on any purchases yesterday.
However, as noted yesterday, Odey may be looking for a larger return and expecting a higher bid in the market to materialize. Leading the buying has been James Hanbury, the lead portfolio manager for Odey Absolute Return and Allegra Developed Market funds, each owning sizable positions in Plus500. With a 25.49% stake, Odey has grown its influence large enough that it could block Playtech’s acquisition by convincing just above 63% of the non-Director or Founder related shareholders to vote against the deal.
Beyond Odey, other institutions holding shares include JPMorgan Asset Management, Investec Asset Management, and Hargreave Hale, estimated to have a combined holding of around 20%. Therefore, if those shareholders are aligned with Odey, they should have the ability to either nix the 400p bid, request a higher price from Playtech, or push Plus500’s board to search for additional buyers.
Former BDSwiss MENA CEO's Brokerage Taps Centroid to Boost Trading Infrastructure
How Modern Consumer Habits Are Transforming Global Payments
How Modern Consumer Habits Are Transforming Global Payments
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
The evolution of consumer expectations is reshaping the payments sphere worldwide. From seamless in-store purchases to instant cross-border transfers, the demand for secure and frictionless payment solutions is transforming how businesses and financial institutions approach transactions. But what does this mean for the future of payments, and how can organizations keep up?
On December 4, 2024, Finance Magnates, in partnership with @Visa Direct, hosted a live webinar dedicated to exploring these pressing questions. Industry experts will provided actionable insights into the trends, challenges, and opportunities in global payments, equipping attendees with the tools they need heading into 2025.
DISCLAIMER:
The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of any entities they represent (including, but not limited to their respective parent companies or affiliates). The views and opinions expressed are based upon information the speakers consider reliable and are intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. No party (speaker or the entities they represent) makes any warranty or representation as to the completeness or accuracy of the information within this webinar, nor assumes any liability or responsibility that may result from reliance on such information. The information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.
#FinanceMagnates #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights #Payments2025
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen | Your Bourse | FMLS:24
Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Elina Pedersen, Chief Revenue Officer at Your Bourse at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan | TradingView | FMLS:24
Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Rauan Khassan from TradingView at the Finance Magnates London Summit 2024
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Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Executive Interview with Nadia Edwards-Dashti | Harrington Star | FMLS:24
Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Fintech Talent in the UK: The Human Factor Driving Industry Change 🌟
What does it take to attract, retain, and upskill the best fintech talent in today’s rapidly evolving UK market? In this engaging interview, Nadia Edwards-Dashti, Chief Customer Officer at Harrington Star, explores the future of talent recruitment, the rise of sales roles, and how AI is reshaping the industry—without replacing the human touch.
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Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano | Innovate Finance | FMLS:24
Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
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Executive Interview with Roberto Politano from Innovate Finance at the Finance Magnates London Summit 2024
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