27th Feb 2014 16:06
(An item published at 1139 GMT misstated the amount the founders were set to Raise. The correct version follows.)
LONDON (Alliance News) - The founders of Plus500 Ltd Thursday decided to sell another 17.4% stake in the contracts for difference trading platform, after the shares hit a new all-time high Wednesday, giving it a valuation of over GBP600 million, or USD1 billion.
In a statement, Plus500 said founders and shareholders Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann had decided to sell 20 million existing shares in the business at 500 pence each, potentially raising them a further GBP100 million and leaving them with a combined 35.6% stake in the business.
It said the placing was being conducted by Liberum in a process known as an accelerated bookbuild, which means the sale is done quickly with little or no marketing.
The placing put the shares under pressure Thursday and the stock was down 9.9% at 508.28 pence, one of the biggest falls on AIM. That meant its market capitalisation dropped back to GBP584 million.
Plus500 floated on AIM last July and it had a market capitalisation of USD200 million, or GBP132 million, at that time.
By Steve McGrath; [email protected]; @stevemcgrath1
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