Forex and CFDs broker Plus500 has revealed that its board of directors has approved a new share buyback programme of up to $50 million worth of shares.
The London-listed company announced that this buyback program will run side-by-side with its previous one of $55 million, announced in February. The earlier program included a special buyback program of $29.8 million to benefit from the Israeli tax rate changes will run throughout 2022, ending on 31 December.
The new share buyback program follows the release of the broker’s financial results for the first quarter of the year. The company reported a revenue of $270.9 million with 68% increase compared to previous quarter and 33% higher than the first quarter of the previous year.
The purpose of the New Share Buyback Programme is to further highlight the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position.
This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap.
The company added:
All ordinary shares repurchased by the Company under the New Share Buyback Programme shall be classified as shares held in treasury (dormant shares). Such treasury shares are not entitled to dividends and have no voting rights at the Company’s general meetings.
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