Popular online trading company, Plus500 is set to launch another buyback program. This has been described as part of the broker's plan to distribute funds to its active investors. This buyback program is reportedly acquiring shares worth $70 million.
Details of Plus500 $70M Buyback Program
Following Plus500's successful completion of its previous share buyback program, the broker made news headlines in February 2023 with its announcement of another buyback program. True to its words, Plus500 announced the commencement of the new phase of its buyback program on its website on February 28th, 2023.
Plus500 has enjoyed tremendous benefits since the commencement of its first buyback program. According to the broker's website, its buyback program aims to "highlight the Board's continued confidence in the potential of the company and reflect its solid financial position."
According to the announcement on the broker's website, the buyback program is scheduled to hold from February 28th, 2023, to the last day of the year. While the company is subject to the demands of closed periods, share purchases are still permitted within a stipulated time frame during these periods.
The broker also revealed that during the buyback program, it might purchase about nine million shares on the open market. This projection is, however, dependent on market fluctuations, as share prices, trading volume, and other market variables can not be predetermined.
As expected, Plus500 has reported that its buyback program will be regulated by the guidelines of Article 5(1) of the Market Abuse Regulation (EU) Act 2018 and the Commission Delegated Regulation Act. The program will also be supervised by the United Kingdom's Financial Conduct Authority (FCA) as well as the broker’s internal supervisor.
Plus 500 is a global fintech company. The company offers traders various financial services that include indices, CFDs, cryptocurrencies, FX, and EFTS. The Plus500 trading platform is available in thirty different languages and regions, allowing traders from different regions to use the platform conveniently.
Plus500 and its subsidiaries are regulated by FCA, FSCA, ASIC, CySEC, FSA, and MAS in different countries and regions. This is one of the reasons the broker is rated as one of the best forex brokers in 2023.
Plus500 is also very active on the social scene. The broker has increased its popularity on various platforms by sponsoring multiple sporting activities and clubs. Two of the broker's recent partners are the United States basketball team, Chicago Bulls, and the Spanish soccer team, Atletico Madrid.