Plus500 Buys Stake From Odey Citing ‘Prevailing Circumstances’

Online trading company Plus500 Ltd. bought a £101.3 million ($127.2 million) stake from Odey Asset Management LLP as the long-term backer splits from its namesake founder amid sexual assault allegations.

Plus500 acquired about 7.3 million of its shares from Odey, or 8.2% of the company’s share capital, according to statement on Tuesday. The purchase was in the interest of all shareholders due to “prevailing circumstances,” the firm said.

The stock jumped as much as 8.9%, after sliding 7.8% in the previous five sessions. Plus500 bought the shares at 1,383 pence each, compared with Monday’s closing price of 1,390 pence.

London-based ...