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Screenshot of a breaking news alert e-mail from Q2 2017
Well whoever was selling Plus500 (LON:PLUS) shares earlier this week, leading to a steep drop in the Plus500 share price, it wasn’t Odey Asset Management.
The London-based finance house, which manages about $12 billion of client assets, has continued its buying spree of Plus500 stock, now sitting at more than 13% of Plus500’s outstanding shares. Odey’s stake in Plus500 is worth more than $100 million, and they become Plus500’s largest outside shareholder after JP Morgan’s 15%.
The Company notes the recent weakness in its share price and wishes to confirm to the market that it doesn’t know of any operational or financial reason for such weakness.
The Company reconfirms that revenues and profit in the second quarter are ahead of market expectations and that the board looks ahead with confidence for the full year outcome.
Indeed, so far since its IPO last year Plus500’s management has done its part by reporting stellar results, the last being a doubling of Q1 revenues and an indication that Q2 revenues (to be reported in full during August) will be ahead of expectations. Management also remains committed to a minimum 50%-of-profits dividend policy, something institutional shareholders like.
In the meantime, Plus500 continued its share price yo-yo, with shares trading back up 11% on Wednesday, erasing much of the earlier-in-the-week drop.