LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Odey Asset Management is continuing to capitalize on the opportunity of increasing its stake in retail FX and CFD firm Plus500 Ltd (LON:PLUS) during a time at which stock is at a highly attractive price.
As reported by a filing with the London Stock Exchange dated May 25, the asset management company has increased its stake to 18.46%, with its number of shares having risen from 18,745,635 to 21,206,597 following a transaction which took place on May 22 this year.
This transaction follows a previous increment in stake holding by Odey Asset Management which took place last week, in which the firm increased its ownership to 17,980,635 shares, comprising 15.65% of the voting rights. Following that transaction, when taking into account other securities in the broker that Odey holds, its stake in Plus500 amounted to 16.27%.
In this most recent transaction, it is worthy of note that whilst the voting rights held by Odey Asset Management have now increased to 18.46%, the firm holds further assets in the form of contracts for difference which refers to 715,160 of the voting rights, therefore the total stake in the company held by Odey Asset Management is now 19.08%.
As far as distribution is concerned, CF Odey Absolute Return Fund holds 14.07% and Odey Allegra Developed Markets Fund holds 3.51%. All other funds hold less than 3%.
Indeed, this is a very good time for Odey Asset Management to up its stake, as share prices had dropped substantially during last week, but are now on the road to recovery.
For the official filing with the London Stock Exchange, click here.