JPMorgan cuts stake in Plus500 to 7.96%

We have not seen significant transactions with shares in Plus500 Ltd (LON:PLUS) over the past couple of months, as the story with the acquisition bid by Playtech PLC (LON:PTEC) has been developing.

On August 12, 2015, however, JPMorgan Chase & Co. (NYSE:JPM) reported a reduction in its holding in Plus500. The investment giant sold 604,810 shares in the broker, thus taking the size of its holding to 9,147,434 shares, or 7.96% of the voting rights.

This compares with a previous transaction that took JPM’s stake in the broker to 8.49%, or 9,752,244 shares.

After the latest transaction, the holding in Plus500 is distributed across JPM’s subsidiaries the following way:

  • JP Morgan Asset Management Holdings (UK) Limited – 2.91%;
  • J.P. Morgan Securities plc – 5.04%.

Shares in Plus500 closed at 372.25p on Wednesday, down 2.55% on the day and markedly below the 400p in cash every Plus500 shareholder is set to receive from Playtech, if the deal is completed.


Chart source: Google Finance.

Plus500 shareholders voted in favor of the acquisition bid by Playtech in July. The acquisition values the entire issued ordinary share capital of Plus500 at approximately £459.6 million.

Before completion, the deal needs regulatory approvals, as well as a “yes” vote at the meeting of Playtech shareholders, scheduled for August 19, 2015.

To view the official filing about the latest transaction with Plus500 shares, click here.

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