The multi-regulated Israeli forex and CFD broker Plus500 has recently announced a new dividends and share buyback scheme worth USD 73 million. The company’s scheme hopes to reduce the share capital of the company to help continue its growth following the launches of their new stock trading platform and USD 50 million R&D centre in Tel Aviv.
Plus500 Buyback Program
Listed on the London Stock Exchange (LON:PLUS), the fast rising FTSE 250 CFD broker and fintech firm has recently purchased 220 ordinary public shares, worth over £3,000, as the start of their new buyback scheme.
This is not the first such scheme, however, as Plus500 purchased USD 25 million worth of shares in the first half of 2021. The new program that has been announced was allocated USD 12.5 million with a deadline of February 2022, though the scheme can be closed before this date if the quota is filled.
The broker said that “the purpose of the programme is to reduce the share capital of the Company, and all ordinary shares repurchased by the Company under the above programme shall be classified as shares held in treasury (dormant shares).”
These bold market moves are coming after a successful financial year for Plus500 with a 168% increase in earnings, to USD 516 million, and a 146% growth in revenues, now at USD 927 million, over the 2020 calendar year.
Broker Liberum also increased their Plus500 share price target from 1,950p to 1,990, “due to more than just favourable market conditions”, reflecting upon “the benefits of the group’s best-in-class platform, which continued to deliver despite lower leverage limits. Its scalable technology and agile marketing algorithms has enabled Plus500 to win significant market share, deliver improved levels of client retention and drive continued improvement in financial returns”
Plus500 is an LSE-listed, leading global CFD and forex broker that holds reputable licenses from top financial watchdogs, including the FCA, CySEC and ASIC. The broker is available in over 50 countries and offers more than 2,000 CFD instruments, including forex, cryptocurrencies and stocks.
Prospective Plus500 clients can get started with just a $100 minimum deposit and take advantage of 24/7 customer service available in 32 languages. The broker’s proprietary trading platform boasts 100 technical indicators, a range of timeframes and a sleek, customisable layout.
Follow the link below for a detailed review of the broker, including fees, leverage rates and asset classes.