Plus500 Continues Share Buyback, Weekly Spend Exceeds £1M

The most recent share buyback continues for Plus500, a broker listed on the London Stock Exchange (LSE). Today the firm announced that it has bought more than 30,000 of its own ordinary shares in one go.

Plus500 revealed that on 26th August 2020, it repurchased 33,500 worth of its ordinary shares of ILS 0.01. This is the most shares the online service provider for trading contracts for difference (CFDs) has bought in one go so far this week.

In particular, it appears that the broker, which is based in Israel, has been increasing the number of shares it purchases in one go throughout the week. On Tuesday, the company bought back 32,000 of its own ordinary shares, and on Monday the firm purchased 33,000 of its shares.

Furthermore, On Monday, the broker paid around £491,040 for its first batch of shares for the week. According to documents filed through the news service of the LSE, on Tuesday, the broker spent around £472,320 for the shares purchased on that date. Adding this together, the firm spent £963,360 on repurchasing its shares in the first two days of the week.

Plus500 Spends £486,420 on Latest Batch

On Wednesday, the volume weighted average price paid per share was £14.52. Therefore, the CFD trading provider spent around £486,420 on its latest batch of shares. The lowest price paid per share was £14.45 and the highest price paid per share was £14.76.

Altogether this week, Plus500 has paid around £1,449,780.0 for all of its shares bought during the week, which equals 98,500.

As Finance Magnates reported, as part of its latest program, the firm plans to repurchase $67.3 million worth of its own shares. It will run from 11th August 2020 up until 28th February 2021. It is possible for the broker to end the program earlier on the date of the announcement of its preliminary results for the year ended on 31st December 2020.