Plus500 founders aim to sell 7.27m shares for “personal reasons”
The founders plan to sell 7.27 million existing ordinary shares in the capital of the company at a price of £11.00 per placing share.
CFD broker Plus500 Ltd (LON:PLUS) has just submitted a filing with the London Stock Exchange announcing that its founders plan to sell shares for personal reasons.
As per the announcement, the founders of the company, Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann (the “Founders”) have notified Plus500 that they intend to sell no less than in aggregate approximately 7.27 million existing ordinary shares (the so-called “Placing Shares”) in the capital of the Company at a price of £11.00 per Placing Share (the “Placing”).
The Placing Shares account for at least 6% of the company’s issued share capital and the Placing is expected to raise gross proceeds of at least £80 million for the founders.
The Placing will be executed through Liberum Capital Limited, Plus500’s broker. Allocations shall be at the absolute discretion of Liberum. The results of the placing will be announced as soon as practicable thereafter. Settlement of the Placing is expected to occur on a T+5 basis on March 9, 2018.
Plus500 stresses that it is not a party to the Placing and will not receive any proceeds from it.
Following the completion of the placing, the founders will continue to hold in aggregate approximately 16% of the issued share capital of Plus500. Today’s announcement does not elaborate on the reasons for the placing. It simply says that the founders’ plans to sell reflect “their desire to diversify their investments whilst raising funds for personal reasons”.
The Placing Shares, in all respects, rank pari passu with the Company’s ordinary shares. Also, the founders have agreed with Liberum not to sell any further ordinary shares they hold in the capital of Plus500 for a period of 180 days after completion of the placing.
