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Plus500 founders cutting stake to 16% with £80M share sale

Plus500 Ltd. said its founders intend to sell no fewer than about 7.27 million existing ordinary shares representing 6% of the Israel-based, London-listed company's issued share capital for £11 per share.

The placing is expected to raise gross proceeds of at least £80 million for the founders. Following the transaction's close, the founders will hold in aggregate roughly 16% of the online trading platform provider's issued share capital.

The founders' intention to sell shares reflects their aim to diversify their investments while raising funds for personal reasons, Plus500 said. Settlement is expected to occur on a T+5 basis March 9.

The selling founders are Alon Gonen, Gal Haber, Elad Ben-Izhak, Omer Elazari and Shlomi Weizmann. They agreed to a 180-day lockup period following completion of the share sale.