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Plus500 Ltd (PLUS)

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Monday 18 May, 2015

Plus500 Ltd

Statement regarding recent speculation

RNS Number : 5476N
Plus500 Limited
18 May 2015
 



18 May 2015

 

Plus500 Ltd.

 

("Plus500" or "the Company")

 

Statement regarding recent speculation

 

Plus500, a leading online service provider for retail customers to trade CFDs internationally, notes the recent fall in its share price and the market speculation that it has not paid its recent dividend. Plus500 can confirm that it paid its final and special dividend of $65 million in full on Friday 15 May as previously notified to the market. Plus500 currently has in excess of $88 million in cash reserves (excluding that held in client segregated accounts).

 

In addition, shareholders should note that Plus500's UK subsidiary, Plus500UK Limited ("Plus500UK"), has in recent weeks been implementing certain enhanced client on boarding and Anti-Money Laundering (AML) processes which have resulted in additional documentation checks being required on existing and new Plus500UK customer accounts.

 

This has led to an increased volume of documentation being reviewed by our client onboarding team, and some Plus500UK customers are currently experiencing delays in receiving the necessary approval to open new accounts, and new trades on their existing accounts and / or withdraw monies. 

 

Only the Plus500UK regulated business is impacted, and the Company will continue to offer its services to new and existing customers through its other regulated subsidiaries in Cyprus and Australia.  Currently c.50% of Plus500's revenue is derived from Plus500UK, and c.45% of Plus500UK's customers have passed Plus500's electronic verification process and are therefore allowed to trade.

 

Those customers who are impacted are not able to open new positions until they are approved by the client on boarding team, however they are still able to freely close out open positions and to service these existing positions with additional Margin.   As usual, under AML regulations, existing customers (whether electronically verified or not) are unable to make withdrawals from their accounts until they have provided Plus500UK with fully compliant AML documents.    All Plus500 customer funds are held within segregated client accounts, held with major financial institutions, until further withdrawals are permitted.

 

Plus500UK has notified and is in close dialogue with the FCA in respect of these changes to its AML processes.

 

For further information please contact:

 

Plus500 Ltd                                                                                                                             +972 4 8189503

Elad Even-Chen, Finance Director, VP Business Development and Head of Investor Relations   

[email protected]

 

Liberum - Nomad and Broker                                                                                           +44 20 3100 2222

Clayton Bush, Christopher Britton, Josh Hughes

                                                                                             

MHP Communications                                                                                                       +44 20 3128 8100

Reg Hoare/Tim Rowntree/Adam Leviton

[email protected] 

About Plus500

Company website: www.plus500.com

Plus500 has developed and operates an online trading platform for retail customers to trade CFDs internationally over more than 2000 different underlying global financial instruments comprising equities, ETFs, foreign exchange, indices and commodities. The Company enables retail customers to trade CFDs in more than 50 countries. The trading platform is accessible from multiple operating systems (Window, smartphones (iOS and Android) and tablets (iOS and Android)) and the internet. The Directors believe that the success of the Company to date has been primarily due to the proprietary technology it has developed and continues to develop to support the trading platform. The trading platform has been designed to be as intuitive and easy to use as possible. The trading platform has been localised into over 31 languages. The Directors believe that this emphasis on technology, together with the Company's targeted online marketing strategy, has helped to differentiate the Company from its competitors.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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