Odey Asset Management, one of the largest stockholders in the London Stock Exchange (LSE)-listed forex broker Plus500 (LON:PLUS), has further reduced its share in the company. According to the regulatory notice, submitted to the LSE, now the hedge fund holds 23.02% in Plus500. Previously it had 23.95%.
The 26 450 608 shares Odey has in the broker cost roughly GBP 162 million, based on the market close price on April 21, when the transaction took place.
Odey Asset Management has started selling small portions of its shares in end of February, when it had almost 25% share in Plus500. Even after the continuing offloading of shares, the hedge fund remains one of the largest stakeholders, along with the founder of the company Alon Gonen.
Another of the larger stockholders in the broker, JP Morgan Chase, has recently reduced its share by almost two third, ignoring a recent “buy” recommendation, issued by the analysts of the German investment bank Berenberg. On Thursday the other larger shareholder, Morgan Stanley, also reduced its stake in the forex broker by a little over 1%.
Meanwhile, Plus500 reported record high revenues in the first quarter of this year and ranked fourth in market capitalization on April 19.
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).