Plus500 buys back 7.3m shares from Odey

(Sharecast News) - Online trading platform Plus500 surged on Tuesday after it bought back around 7.3m shares - or 8.2% of its share capital - from Odey Asset Management for £101.3m. The shares were purchased a 1,383p each.

Plus500 said: "Given the significant strength of the company's balance sheet and the prevailing circumstances, the board believes the purchase is in the best interest of all shareholders.

"The company has acted quickly to execute this opportunity to acquire shares at an attractive price, in-line with the company's capital allocation and shareholder return policy."

Odey Asset Management announced over the weekend that founder Crispin Odey had been removed from the firm's partnership following allegations of sexual misconduct.

At 1225 BST, the shares were up 7.7% at 1,497p.