Plus500 kicks off fresh $110m share buyback

27th Aug 2024 11:13

(Sharecast News) - Multi-asset fintech firm Plus500 announced the launch of a share buyback programme valued at up to $110m on Tuesday.

The FTSE 250 company said the programme was part of its broader shareholder returns strategy, totaling $185.5m, as announced in its interim results.

It said the buyback followed the completion of a previous $100m programme earlier in August.

Plus500 said its financial standing, supported by a cash-generative business model, had enabled it to consistently deliver significant returns to shareholders.

As of 30 June, Plus500 held over $1bn in cash for the first time, positioning it well for both growth initiatives and enhanced shareholder returns.

The new buyback would allow the company to repurchase up to 5,694,522 shares, within the limits set by shareholders at the annual general meeting in May.

It said the shares, once repurchased, would be held in treasury and would not be entitled to dividends or voting rights.

At 1129 BST, shares in Plus500 were down 0.08% at 2,642p.

Reporting by Josh White for Sharecast.com.