Plus500 allots additional $100 million to share buyback

abdelaziz Fathi

In a regulatory filing, Plus500 Ltd. (LSE: PLUS) said it will kick off a fresh $100 million share repurchase program immediately after the completion of the ongoing $60.0 million buyback.

Plus500

The publicly-traded broker added that the move reflects the opportunities available to drive future ‎growth, as well as its high cash generation. ‎

In 2023, the broker rolled out a generous shareholder return strategy, dishing out around $350 million in total. This hefty sum was split between a share buyback initiative worth $257.5 million—highlighted by a notable $127.5 million share repurchase carried out on June 13—and dividends totaling $90 million.

Plus500’ most recent Extraordinary General Meeting (EGM) has granted the green light for the board to continue the existing buyback program, which was initially unveiled on 14 February 2023.

The resolution, voted on via a poll, passed by the requisite majority. Out of the total votes cast (excluding votes withheld), a majority of 80.66% were in favor of returning more money to the shareholders, while 19.34% voted against it. In terms of issued share capital, the resolution garnered a 57.26% of support.

With the new approval in place, the company’s board has the authority to consider future purchases of ordinary shares prior to the scheduled 2024 Annual General Meeting (AGM).

Plus500 kicked off a further share buyback program of $70 million in February 2023, which follows a previous $60 million share buyback program announced in 2022. The move was part of its previously announced plan that will put $100 million back into shareholders’ pockets after the online trading platform revealed bumper profits for 2022.

Maintaining a balanced approach between funding growth in key channels and returning excess liquidity to shareholders, Plus500 said that it has updated its shareholder returns policy, keeping the current return of at least 50% of the net profit but only via share buybacks. This compares with the previous policy of returning the profit through dividends and share buyback programs, with at least 50% made by way of dividends.

Read this next

blockdag

BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.

Fintech

Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

<