The share price of e-trading company Plus500 Ltd. (AIM: PLUS) fell 8.7% yesterday to £2.72, after co-founder Shimon Sofer sold a block of shares in the company through his private company BQ Soft Ltd. He sold 1.5 million of his 10 million shares, reducing his stake to 7.47%. The share price recovered 3.3% by midday today to £2.81, giving a market cap of £312 million.
Although Plus500's notice to London’s Alternative Investment Market (AIM) did not disclose the price at which the shares were sold, or the gross amount of the transaction, the average price was probably £2.70, for a total amount of £4.1 million (NIS 24 million). Turnover in the share was 30-times the daily average because of the sale.
Plus500, an online platform for trading in contracts for difference (CFDs), is one of the most successful Israeli offerings on the London Stock Exchange. The current share price gives a 143% return on the IPO price in July 2013. The company will publish its financial report for the second half of 2013 on February 19.
Sources inform ''Globes'' that Sofer left Plus500 several months ago. The sale of the shares is his second step away from the company, and he will likely sell more shares in the future.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2014
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