Plus500 insider sells and pockets $41 million, shares continue upward

Plus500 co-founder Shimon Sofer sells, but Plus500 shares set another all-time high

News that one of the founders of publicly listed CFDs broker Plus500 (LON:PLUS) has sold an overwhelming majority of his shares didn’t manage to put a dent to investors’ mood about the company. According to a notification letter published on the company’s website, co-founder Shimon Sofer has parted with most of his stake last week.

Now we have a sound explanation as to why for the most part of the day after the announcement on Wednesday prices were capped at 400 pence. We presume sales continued on Thursday/Friday which spells how strong the bullish sentiment towards the stock is, since prices managed to absorb the sale of 5.1 million shares.

In a relatively minor sale in January share prices have collapsed 8.7% in a single day after Mr Sofer sold “only” 1.5 million shares. With prices now approaching the 500 pence level there is an overwhelmingly positive sentiment about the stock. After the sale the share of Shimon Sofer has dropped below 3% which no longer requires him to declare further share sales publicly.

As we have recently reported, Plus500 (LON:PLUS) had a mind blowing quarter in Q4 2013 and the prospects for the share prices of one of the most successful IPO’s in the forex industry world have gotten even better. Apparently Mr Sofer is willing to pursue other interests as he has parted with the company – who can blame him, after all he could have a hefty stash of more than $40 million to help him start a brand new endeavor.

For the notification of share sales visit Plus500’s website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.  

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