Plus500 was founded in 2008 with headquarters in Israel. It is a brokerage firm that offers products like ETF, Crypto, Forex, CFD, Shares, Commodities, Indices, and Options. Plus500 is spread across Cyprus, the United Kingdom, Singapore, Australia, and Bulgaria.
Plus500 Has Launched A New Share Buyback Program
Plus500 has allocated $50 million to lead a new share buyback program. Plus500 aims to highlight the board’s confidence in its prospects through this buyback program. The launch comes a day after it published its quarterly financial reports.
Another aim is to showcase a strong financial position supported by the operational and financial momentum that Plus500 has achieved. The broker firm had reported having $886.6 million of liquidity at the end of March 2022, and plus500 is now utilizing this liquidity to reduce the share capital.
The share buyback program of $50 million is in addition to the already running share buyback program of $55 million that was launched on February 15, 2022.
Plus500’s share buyback program of $55 million differs from the new one, and it encompasses a special buyback program of $29.8 million directed to avail of the benefit of Israeli tax rate changes.
According to the official statement published by Plus500, both buyback programs will run simultaneously, and they are expected to run throughout 2022.
It earlier launched a buyback program in 2020 to repurchase ordinary shares worth $88.8 million from the open market, and these were classified as shares held in treasury—another buyback program launched in the following year with a buyback power of $25 million.