Plus500 founders to sell 8 percent stake

Business News

Online trading platform Plus500 said that its founders have decided to sell a total of 9.4 million shares in the company.

Haifa, Israel-based Plus500, which provides an online platform for retail customers to trade contracts for differences, said the sale of about 9.4 million shares at 1550 pence per share would raise gross proceeds of about 145 million pounds ($187.67 million) for the founders.

Playtech said it had sold 11.4 million ordinary shares at 1,550 pence-a-share in Plus500.

Friday’s sale represents about 9.99 percent of Plus500’s share capital and will not impact Playtech’s entitlement to the interim dividend announced by Plus500 on August 13 – which equates to about $16 million, PlayTech said on Friday.

PlayTech added that the sale proceeds will be used to reduce debt and other corporate purposes.

After the sale, founders Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann would own about 8 percent of Plus500, it said.