On the same day that Plus500 announced that its CEO is stepping down, the Israel-based broker has revealed via a regulatory filing that it has repurchased even more of its ordinary shares this Monday.
Through the news service of the London Stock Exchange (LSE), the London-listed broker said in a statement published today that it bought 25,000 of its own ordinary shares on the 17th of April, 2020.
As part of its share buyback program announced on the 12th of February 2020, Plus500 purchased its shares through Credit Suisse Securities (Europe) Limited. The volume weighted average price paid per share was £11.84, which means the broker paid around £296,000 for the latest batch of shares.
The online contracts for difference (CFD) trading provider said back in February that it plans to repurchase $30 million as part of its share buyback program. The latest share buyback program will run from February 12, 2020, up until August 31 this year. However, the program might end earlier on the date of the announcement of the company’s interim results for the six months ending June 30, 2020.
Plus500 CEO to step down
This Monday was a big day for the trading provider. As Finance Magnates reported, Asaf Elimelech, the company’s CEO, has handed in his resignation with immediate effect, starting the 12-month notice period Elimelech needs to provide.
According to a regulatory filing, Elimelech will continue with the company in a transitional role alongside the interim CEO until a permanent replacement has been named. This means he will retain his role as a director of certain subsidiaries of the Group, the statement said.
Elimelech is leaving Plus500 in a strong position. In the first quarter of 2020, the company reported a 487 per cent yearly increase in revenues, coming in at $316.6 million. The company’s share price has also been on the rise in recent months, climbing from GBX 731.20 on the 16th of March, to GBX 1,101.50 as of the time of publishing. It is worth noting that the company’s shares have dropped since this morning, likely in response to news of the CEO’s departure.
