Plus500 allots additional $60.0 million to share repurchase

abdelaziz Fathi

Plus500 Ltd (LON: PLUS) said Wednesday that it will launch a new share buyback program, repurchasing up to an additional $60.0 million in company shares.


In a regulatory filing, the London-listed company said it will kick off the new scheme immediately after the completion of the ongoing $70.0 million buyback program. The broker added that the move reflects the opportunities available to drive future ‎growth, as well as its high cash generation. ‎

“The purpose of this Share Buyback Programme is to further highlight the Board’s continued confidence in the future prospects of Plus500, reflecting the Group’s robust financial position and ability to deliver strong future shareholder returns. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap,” it added.

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, which follows a previous $60 million share buyback program announced in November.

The Israel-based, UK-listed online trading platform broker released a statement that it will be buying back a maximum of 9,959,828 ordinary shares, or up to 11 percent of the company’s 92 million outstanding shares.

The fintech group outlined that the transaction includes a $42.4 million final buyback program and a $27.6 million special one. The move is 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. That includes paying a $30 million dividend to shareholders.

The extra payouts took the year’s buyback programs to $180.2 million and brought total returns to shareholders in 2022 to $270.2million.

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

Digital Assets

TYRION Advances Decentralized Advertising with Strategic Move to Coinbase’s Base Chain

In a game-changing partnership, decentralized advertising pioneer TYRION integrates with Coinbase’s Base Chain, marking a synergistic leap towards transparent, efficient, and innovative digital advertising solutions in a future driven by blockchain.

Institutional FX

FXSpotStream reports highest ADV in six months

Trading volumes on institutional FX platforms surged in September as traders increased their bets on central bankers’ policy with evidence mounting that inflation and economic growth are not yet losing momentum.

Digital Assets

Coinbase makes major push into Singapore with MPI license

Cryptocurrency exchange Coinbase has secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).

Retail FX

Begin Your Trading Journey by Learning How to Use Trading 212

In the upcoming content, the process of getting started with Trading 212 is explored, from registration and choosing account types to the benefits of connecting with Traders Union.

Institutional FX

Cboe reports +10% increase in monthly FX volumes

Cboe’s institutional spot FX platform today announced its trading volume for the month ending September 2023, which showed resurgence in activity following two consecutive months of reduced trading volumes.


Muinmos integrates TConsult’s Investor Self-Declaration platform into client onboarding platform

“Given the increasing regulatory demands, our clients have eagerly anticipated this integration. Partnering with TConsult, one of the industry’s foremost tax experts, allows us to offer a comprehensive solution. By embedding digital tax certifications into our onboarding processes, we provide a more efficient, risk-mitigated approach to client initiation.”


TS Imagine taps Cassini Systems’ pre-and post-trade margin and collateral analytics

“Joining forces with Cassini allows us to offer a single, integrated system that provides in-depth analytics, streamlining operations for investment and risk management teams. This collaboration stands to significantly benefit our clients in the ever-evolving market landscape.”

Retail FX

XTB launches fractional shares offering in the UK

“The roll-out of Fractional Shares has made capital markets even more accessible for UK investors. Having observed the positive reception to our Fractional Shares in other European regions, we’re confident that this addition fortifies our competitive stance in the UK, positioning XTB as a go-to destination for a diverse range of investors.”


Baton Systems launches DLT-powered post-trade solution Core-Payments ahead of T+1

“With the transition to T+1 now just months away, and with regulators growing increasingly vocal around the need for greater settlement control and supervision, it is paramount that market participants ensure they are fully prepared to cope with any rise in settlement risk