27th Feb 2014 16:11
LONDON (Alliance News) - The founders of Plus500 Ltd made themselves GBP100 million by selling another 17.4% stake in the contracts for difference trading platform Thursday, a day after the shares hit a new all-time high, giving it a valuation of well over GBP600 million, or USD1 billion.
Plus500 said founders and shareholders Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann had sold 20 million existing shares in the business at 500 pence each, raising them a further GBP100 million and leaving them with a combined 35.6% stake in the business.
It said the placing was 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 6.0% at 530.00 pence. That meant its market capitalisation dropped back to GBP608.9 million. However, it had earlier hit a low for the day of 500 pence.
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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