(Sharecast News) – Contracts-for-difference trading platform Plus500 launched a new $60m share buyback programme on Wednesday, immediately on the back of the completion of its $70m repurchase.
The FTSE 250 company said it was planning to buy back shares worth up to $60m, with a cap of 8,032,980 shares.
It said the buybacks would take place as open market transactions, adding that all repurchased shares under the programme would be retained in treasury.
The new buyback initiative will span from Wednesday, until Plus500 releases its preliminary results for the financial year ending 31 December.
“The purpose of this share buyback programme is to further highlight the board’s continued confidence in the future prospects of Plus500, reflecting the group’s robust financial position and ability to deliver strong future shareholder returns,” the company’s directors said in their announcement.
“This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the group continues to make further progress on its strategic roadmap.
“Plus500’s disciplined approach to capital allocation and cash generative business model enables it to invest in growth, both organically and through strategic bolt on acquisitions, maintain a clear dividend policy and return value to shareholders in the form of share repurchases where appropriate.”
Reporting by Josh White for Sharecast.com.