Share Buyback Programme Announcement

Plus500 Limited

22 February 2024

 

22 February 2024

Plus500 Ltd.

("Plus500", the "Company", or together with its subsidiaries, the "Group")

Share Buyback Programme

Plus500, a global multi‐asset fintech group operating proprietary technology‐based trading platforms, is pleased to announce that it will commence a new share buyback programme today to purchase a total of up to $100.0 million of the Company's shares ("Share Buyback Programme"). It is anticipated that the new $100.0 million buyback programme will commence immediately once the existing $60.0 million buyback programme which was announced on 14 August 2023, is complete.

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.

Plus500's disciplined approach to capital allocation and cash generative business model enables it to invest in growth, both organically and through strategic bolt on acquisitions, maintain a clear dividend policy and return value to shareholders in the form of share repurchases where appropriate.

The maximum number of shares that may be repurchased under the Share Buyback Programme is up to 4,815,480 shares, being the number of shares the Company is authorised to purchase pursuant to the authority granted by shareholders at the Company's Extraordinary General Meeting held on 24 July 2023 ("EGM") less the number of shares that have already been repurchased pursuant to that authority.

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Liberum Capital Limited ("Liberum") will manage the Share Buyback Programme, which is an irrevocable, non‐discretionary share buyback programme to repurchase the Company's shares on its behalf, and within certain defined parameters. The Company and its Board members have no power to invoke any changes to the Share Buyback Programme and it will be conducted at the sole discretion of Liberum within the Programme terms.

All ordinary shares repurchased by the Company under the Share Buyback Programme shall be classified as shares held in treasury (dormant shares). Such treasury shares are not entitled to dividends and have no voting rights at the Company's general meetings.

The Share Buyback Programme will run from the date of this announcement until no later than 31 December 2024. Purchases may continue during any closed period to which the Company is subject during the above‐mentioned period.

The Share Buyback Programme will be affected within the parameters of Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 (the "2018 Act")) ("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (which is part of UK law by virtue of the 2018 Act) as well as the applicable laws and regulations of the UK Financial Conduct Authority.

Details of any and all purchases made under the Programme will be announced no later than 7.00am on the business day following the calendar day on which the purchase occurred.

For further details

Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer   Owen Jones, Head of Investor Relations	[phone] [phone] [e-mail]
Dentons Global Advisors James Melville-Ross James Styles Methuselah Tanyanyiwa	[phone] [e-mail]

About Plus500

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures.

The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the Seychelles, the United States, Estonia, Japan, the UAE and the Bahamas and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 60 countries and in 30 languages.

Plus500's trading platforms are accessible from multiple operating systems (iOS, Android and Windows) and web browsers. Customer care is, and has always been, integral to Plus500. As such, OTC customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for OTC trading platform users and sophisticated risk management tools are provided free of charge to manage leveraged exposure, and stop losses to help customers protect profits, while limiting capital losses.

Plus500 shares have a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index. www.plus500.com.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. 

Forward looking statements

This announcement contains statements that are or may be forward-looking statements. All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Group's future prospects, developments and strategies. The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions express by the press or other media regarding the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

 Forward-looking statements are identified by their use of terms and phrases such as "believe", "targets", "expects", "aim", "anticipate", "project", "would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements include, but are not limited to, those described in the Risk Management Framework section of the Company's most recent Annual Report. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Group and the environment in which it is and will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. Each forward-looking statement speaks only as at the date of this announcement. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

 

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