Plus500 announces a share buyback program worth $60.2 million for 9,959,828 shares to further highlight the Board's confidence in the company's future prospects.
Forex and CFD Broker Plus500 revealed that its board of directors has approved a new share buyback program worth $60.2 million.
The Israel-based company will buy up to 9,959,828 common shares after the latest share buyback program. Plus500 stated that the purpose of the share buyback program is to further highlight the Board's confidence in Plus500's future prospects and reflect its strong financial position.
This confidence is supported by the significant operational and financial momentum that Plus500 has achieved over the past few years, as the Group continues to make further progress on its strategic roadmap. The broker had a cash balance of $886.6 million by the end of March 2022 and is now utilizing that liquidity to reduce its share capital.
All common shares which are repurchased by the company under the program will be classified as shares held in the treasury (inactive shares). The treasury shares are not entitled to dividends and do not have voting rights in the general meeting of the company.
Previous Buyback Programs
Before, in April, the London-listed broker announced a $50 million buyback program in conjunction with the previous program, which was launched in February. Previous programs include a special buyback program of $29.8 million to benefit from changes in Israeli tax rates that will run through 2022 until December 31st.