Trading company Plus500 has announced the outcome of the resolution that was proposed during today’s Extraordinary General Meeting (EGM).
The resolution suggested was put to a vote in a poll and was successfully approved by the required majority. Around 81% of the votes supported the proposal, while approximately 19% were in opposition.
This will allow Plus500 to continue its buyback program that was announced on February 14, 2023. If the company’s board decides, it will also enable Plus500 to buy more shares before its 2024 annual general meeting.
The resolution allows the company to buy up to 8,240,829 ordinary shares for cash. This represents about 10% of the company’s total shares, excluding any shares held in treasury, as of June 16, 2023. The minimum price for each share that can be paid is ILS 0.01, excluding any additional costs.
The highest price that can be paid for a regular share is either 105% of the average value of similar shares over the past five business days. Or the higher of the last trading price or the current bid price. This price does not include any additional costs. This permission will end either after the Annual General Meeting in 2024 or on August 5, 2024, unless it is extended before then.
With the power given by this Resolution, the Company is allowed to make an offer or enter into an agreement to buy common shares while this power is still valid. Even if the authority expires, the Company can still execute the purchase partially or completely.
The Company can carry out the purchase of common shares based on such offers or agreements, as if the power given by this Resolution has not ended. The purchase will be done in accordance with the applicable laws.
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