Plus500 Eases on its Buyback 

Plus500 has eased up on its daily share buyback, a recent filing through the London Stock Exchange on Monday shows. The company’s share price has remained unsteady.

The firm repurchased 26,000 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited. This was according to the statement filed by the London listed broker, on the 25th of September 2020.

The volume weighted average price paid per share by the broker was at £15.12. With that, the online contracts for difference trading provider spent around £393,216.20 for its latest batch on Friday.

The lowest price paid per share by the company was £15.00 and the highest price paid per share was £15.34. This all took place on Friday, the 25th of September.

Until last week, overall for its latest buyback program,

Plus500 repurchased between 30,000 and 35,000 of its own ordinary shares. It spent close to £500,000 per batch, with the occasional exception.

The most shares the Israel based broker repurchased last week was on Thursday, the 24th of September. The trading provider bought 26,250 of its own ordinary shares that day.

According to reports, the volume weighted average price paid per share by the company added up to £15.20. Therefore, Plus500 spent around £398,939.63 for its ordinary shares on Thursday.

Plus500 Plans to Repurchase $67.3 Million

In total, the broker is planning on spending $67.3 million to repurchase its own shares. This latest share buyback program commenced in August of this year.

It is not clear if this slowdown is in response to its share price, or it was planned.

The slowdown came in the same week that BlackRock announced it had diluted its stake in Plus500. This was after a sell-off and now it holds less than 5% of the brokerage’s shares.