6th Sep 2018 14:52
LONDON (Alliance News) - Online trading platform Plus500 Ltd said Thursday that its founders have decided to sell a total of 9.4 million shares in the company.
The company, which is set to join the FTSE 250 later in September index following Wednesday's review, said that Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann have decided to sell the shares in response to "significant demand from a small number of institutional investors".
The founders will sell the shares, representing a 8% stake in the company, at 1,550.00 pence each for a total of GBP145 million. After the sale, the founders will continue to hold a total 8% stake in the company.
Plus500 shares were trading up 1.8% higher at 1,624.00p on Thursday.
Any shares sold will be sold through Liberum Capital Ltd to a limited number of investors, Plus500 explained. The company will not receive any proceeds from the sale.
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