Founders of Plus500 to sell 9.4m shares for personal reasons
Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann say they intend to sell reflects their desire to diversify their investments whilst raising funds for personal reasons.
Online trading company Plus500 Ltd (LON:PLUS) has earlier today announced the plans of its the founders to sell approximately 9.4 million shares in the company.
Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann have informed Plus500 that, in response to significant demand from a small number of institutional investors, they plan to sell today approximately 9.4 million existing ordinary shares in the capital of the Company at a price of £15.50 per Sale Share.
The Sale Shares represent about 8% of Plus500’s issued share capital and the sale is expected to raise gross proceeds of approximately £145 million for the founders.
Any Sale Shares will be sold through Liberum Capital Limited to a limited number of investors. Plus500 is not a party to the transaction, the brokerage explains, adding that it will not receive any proceeds from the sale of the Sale Shares.
After completion of the transaction, the founders will continue to hold in aggregate approximately 8% of the issued share capital of Plus500. The founders’ intention to sell reflects their desire to diversify their investments whilst raising funds for personal reasons.
The Founders have agreed not to sell any further ordinary shares they hold in the capital of the Company for a period of 90 days after completion of the transaction, subject to waiver by Liberum at its sole discretion.
The sale is announced several months after the founders of the company announced their intentions to sell 7.2 million shares in Plus500 for “personal reasons”. In March this year, Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann notified Plus500 that they intend to sell no less than in aggregate approximately 7.27 million existing ordinary shares in the capital of the Company at a price of £11.00 per Placing Share. The Placing Shares accounted for at least 6% of the company’s issued share capital and the Placing was expected to raise gross proceeds of at least £80 million for the founders.