Plus500 Share Discussion Threads

[oi_oi_savaloy] 13/6/2023 12:08

Possibly............but I'm not a major shareholder....... :)

[arja] 13/6/2023 12:07

looking at the chart , could go back to 1400 level or to about 1560 in next month or so !

[rhatton] 13/6/2023 11:49

Wasn’t one of the reasons they opted for increased buybacks vs divi was major shareholder preferring that?

[oi_oi_savaloy] 13/6/2023 11:48

I'd be happy for them to stop the buybacks at 80m shares and then start going back to paying us a proper divi/special divis tbh (imho). Just pay us the money (that the 10m in sharebuybacks it would take to get down to 70m in shares) as a divi.....that might excite the market. Might be wrong of course.

[rhatton] 13/6/2023 11:42

It’s now 82 million after the odey purchase

[arja] 13/6/2023 11:39

rhatton,
I did not realise that the issued share capital is only about 96 million shares !

[rhatton] 13/6/2023 11:30

Planelondon, it’s been awhile since I’ve had a position here, what revenue are they targeting from the US portion?

[planelondon] 13/6/2023 11:20

The key for me is that this special opportunistic buyback doesn’t replace the rate or value of future buybacks but is in addition to buybacks that would have otherwise continued to take place. Excluding this special buyback the buyback run rate over the last 12 months has been $15 million per month and I would like to see this rate continue for at least another 18 months until the end of 2024. This would leave c. 70 million shares in issue at a time when growth from the US operation would begin hitting the bottom line as net profit. The double impact of a falling share count and rising net profits lead to very powerful dynamics for Earnings Per Share.

[base7] 13/6/2023 10:54

No brainer if you have $1bill in the bank & a major holder is a forced seller.For most companies that overhang could have taken years to clear-unless they could find another II to take the stock-but if they bought at a similar discount they could have unloaded for a quick profit-ie the problem would not have been solved.Lets hope our trading performance is holding up ( see CMCx RNS today )& we continue making headway in the US & Japan

[planelondon] 13/6/2023 10:36

Chucko1, the last major holdings RNS on 7 June Odey AM held 8,568,176 physical shares. I would think Plus500 was limited to buying up to 7,327,605 shares and no more because of the AGM resolution where the shareholders authorise the Company to make purchases of up to 9,173,106 ordinary shares. Since the AGM on 2nd May, the company has purchased c. 8,476,000 shares.

I would expect an EGM to be called shortly to increase this limit in the current year in order for the current buyback ($18m remaining = c. 1 million shares) and any further future buybacks can continue.

On a different note, when a fund is gated, it does not restrict the fund manager from continuing to sell the fund assets in an orderly manner.

[coxsmn] 13/6/2023 10:17

Valuation is ludicrous here that is why i continue to buy

[rhatton] 13/6/2023 10:11

Odey wanted a buyer and plus500 bought them. Simple as I would have thought.

“ Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, announces that it has purchased 7,327,605 ordinary shares of ILS 0.01 each in the Company ("Ordinary Shares") from Odey Asset Management LLP (the "Purchase"), representing approximately 8.2% of the Company's issued share capital (excluding shares already held in treasury), at a price of 1,383 pence per Ordinary Share, for a total consideration of approximately GBP101.3 million. The acquired shares will be held in treasury.”

[arja] 13/6/2023 10:09

coxsmn,
as volume today is about 7 million , do you mean they were bought off market ? Sorry but I do not follow PLUS closely but have stocks were NO SD payable in my watchlist .

[chucko1] 13/6/2023 10:04

What is unclear is why 7.7mn shares as Odey had around 8.6mn as of last week. Odey's SWAN fund had significantly fewer than Hanbury's funds, but it seems that there had been growing redemption requests on Hanbury's funds, and perhaps they saw the writing on the wall and clearly had a willing buyer to sell to.

As of just now, Hanbury's funds have been gated and that should end any sales - at least for now - from the entire Odey Group.

There are likely other viewpoints as to what has happened the past weeks.

[sophia1982] 13/6/2023 09:57

@rHatton. Thank you. My apologies, I had binned that email.
Excellent news

[coxsmn] 13/6/2023 09:51

Such is the ridiculous low share price valuation of the company, plus500 has purchased 8.2% of its own shares for 101million.

[rhatton] 13/6/2023 09:36

It’s in the RNS at 0800

Plus500 bought the shares for £100 million

[sophia1982] 13/6/2023 09:31

Odey has or had about 8m shares. Volume today is over 7m. WEird. When somebody offloads shares, price goes down. Any other interpretations of what is going on?

[bjfanc] 13/6/2023 08:08

Overhang removed

[planelondon] 12/6/2023 12:38

jimbo123elf, even with moderate redemptions this holding could bump up against the UCITS 10% rule. No single asset can represent more than 10% of the fund's assets.

[blueclyde] 12/6/2023 12:35

There is literally an RNS stating that Odey owns 8 percent of this company.

[jimbo123elf] 12/6/2023 12:22

Odey AM have about £138m in Plus based on current prices.

[simplethesis] 12/6/2023 12:14

Chucko1, good point that it’s not that big. Depends on the outlook for Mr Hanbury’s AUM in the short term.

Now on < 4x earnings less the own free cash not required to back the business.

[planelondon] 12/6/2023 10:02

Chucko1, a discounted block trade of 4% or more might be of interest to Plus500 as part of an accelerated share buyback programme.

[chucko1] 12/6/2023 09:09

4% of Odey's hedge fund in PLUS. That would likely amount to around £10mn, although the likely liquidation of his HF would not need to be particularly rapid. Difficult to see an internal buyer as Hanbury already at the limit of what he can own.