Odey Asset Management sells 1% of shares in Plus500

Odey Asset Management sells 1% of shares in Plus500

- in All News, Forex Brokers
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Odey Asset Management, the hedge fund that is among the larger stakeholders in the London Stock Exchange (LSE)-traded UK forex broker Plus500 (LON:PLUS), informed it has sold 1% of its shares.

In a regulatory notice to the LSE Odey has announced it currently holds 26 364 889 shares, or 22.95% of them. At market close price on April 7, when the transaction took place, the hedge fund’s remaining shares in Plus500 cost nearly GBP 166.1 million.

Besides Alon Gonen, the founder of Plus500 and Odey Asset Management, other major shareholders are JP Morgan Chase and Morgan Stanley.

On Thursday the German investment bank Berenberg released a “buy” recommendation for Plus500 Its analysts also issued a new target price of GBX800 per share – higher than the 52 week high of GBX 781.

Plus500 offers trading in forex, options, contracts for difference (CFDs), commodities, indices, and exchange-traded funds (ETFs). It operates its own online trading platform for CFDs available in over 31 languages. It operates its own online trading platform for CFDs available in over 31 languages on desktop and Android, Windows and iOS  mobile operating systems.

According to Investment Trends report from July 2015,  Plus500 is the second largest CFD provider in the UK. It is licensed by three regulators – the Cyprus Securities and Exchange Commission (CySEC), UK’s Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).

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