The resolution, voted on via a poll, has passed by the requisite majority. Out of the total votes cast (excluding votes withheld), a majority of 80.66% were in favor of returning more money to <a href="https://financefeeds.com/plus500-distances-itself-from-odey-asset-management/" rel="noopener noreferrer nofollow">the shareholders</a>, while 19.34% voted against it. In terms of issued share capital, the resolution garnered a 57.26% of support. With the new approval in place, the company's board has the authority to consider future purchases of ordinary shares prior to the scheduled 2024 Annual General Meeting (AGM). <a href="https://financefeeds.com/plus500-profit-nearly-halved-in-h1-2023-revenue-down-25/" rel="noopener noreferrer nofollow">Plus500</a> kicked off a further share buyback program of $70 million in February, which follows a previous $60 million share buyback program announced in November. The Israel-based, UK-listed online trading platform broker released a statement that it will be buying back a maximum of 9,959,828 ordinary shares, or up to 11 percent of the company’s 92 million outstanding shares. The fintech group outlined that the transaction includes a $42.4 million final buyback program and a $27.6 million special one. The move is part of its previously announced plan that will put $100 million back into shareholders’ pockets after the online trading platform revealed bumper profits for 2022. That includes paying a $30 million dividend to shareholders. The extra payouts took the year’s buyback programs to $180.2 million and brought total returns to shareholders in 2022 to $270.2million. Maintaining a balanced approach between funding growth in key channels and returning excess liquidity to shareholders, Plus500 said that it has updated its shareholder returns policy, keeping the current return of at least 50% of the net profit but only via share buybacks. This compares with the previous policy of returning the profit through dividends and share buyback programs, with at least 50% made by way of dividends. The company said the move demonstrates the substantial opportunities that are available to drive future ‎growth, as well as its high cash generation. ‎Recent estimates suggest that Plus500’s current market capitalisation is £1.25 ‎million. Following this news, its stock rose to 1,526 pence, up 1.46 percent on Monday. The board revealed that it aims to reduce ‎the company’s share capital by means of purchasing its ordinary shares from time ‎to time using existing cash resources. The company added that special share buybacks or other distributions will be considered on a half-year basis.

Plus500 board gets nod to expand share buyback program

FinanceFeeds

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