Director dealings: Plus 500 founders sell down stake

The founders of international online brokerage platform Plus 500 have lowered their stake in the company in order to accommodate demand from institutional investors just over two weeks ahead of their promotion to the second-tier index, on 24 September.

Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann notified the company on Thursday of their intention to sell roughly 9.4m shares, which was equivalent to about 8.0% of the company's share capital "in response to significant demand from a small number of institutional investors".

The shares were sold by the founders for 1,550p apiece through Liberum Capital for total gross proceeds of £145.0m.

Subject to waiver by Liberum, and at its discretion, the founders also agreed not to sell any more shares of Plus 500 over the 90 days following completion of the transaction.

Despite the sale, as of 1521 BST shares of Plus 500 were trading higher by 0.88% to 1,600.0p, having hit a 52-week and record high of 2,008.0p on 10 August.

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