Plus500 has started to repurchase its shares, buying £935,000 ($1.27 million) worth of stock in the first three days. The company bought 27,255 shares in the first day plus 18,563 and 17,692 shares in the following two days. Read on for the details.
The popular online broker has initiated a new share buyback program, setting aside $55 million to repurchase ordinary stocks. The firm’s plans include a final buyback of $25.5 million and a special share buyback of $29.8 million to capitalise on the change in tax rate from the Israeli statutory rate of 23% to 12%.
Plus500 expects the program to run until the end of December 2022, though it may finish earlier if it depletes the amount it has set aside.
The Israel-based brokerage has been running significant buyback schemes for several years. It has bought back $268.5 million worth of its shares since going public in 2013. And in 2021, it amassed buybacks totalling $64.9 million.
Plus500 is also posting impressive results. The company reported a 75% increase in yearly revenues between October 2021 and December 2021. It went on to finish the year with a net profit of $310.6 million versus $500.1 million in 2020 and $151.7 million in 2019.
Alongside strong financial performance, the brand is expanding its presence in popular trading regions. Plus500 secured a license from the local regulator in Estonia while already passporting another approval from EU regulators.
Plus500 is a top-tier trading broker with an impressive list of industry awards under its belt. Account holders can speculate on forex, stocks, commodities and cryptocurrencies with leveraged contracts for difference. Competitive spreads are also offered along with zero commissions.
New traders can get started with a $100 minimum deposit and fund accounts using credit and debit cards, PayPal, Skrill, Neteller and bank wire transfer, among others. Deposits are processed instantly while withdrawals are free of charge.
Alongside its UK base, the global broker holds licenses with the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Markets Authority (FMA) in New Zealand.
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