Plus500 sold to an Israeli betting firm

THE directors of Plus500 are set for a £160m windfall after agreeing to sell the company in a shock move that came on the same day they issued a profits warning.

The £460m offer for the embattled spread betting firm from gambling technology group Playtech puts a price tag on the firm of around half its market value last month – before it was forced to disclose massive shortcomings in its money-laundering checks.

A roller coaster month saw the shares plummet from 770p to as low as 248p after it emerged Plus500 had to suspend all of its 25,000 Uk accounts. Playtech has offered 400p a share. Five of Plus500’s founders are set to scoop large amounts from the deal.

Alon Gonen, who until recently was its largest investor with 16.7pc, will receive £77m. Chief executive Gal Haber and cofounder Elad Ben-Izhak are in line for £27m. Shlomi Weizmann and Omer Elazri will each receive £16.5m for their stake. All five have backed the deal.

Crispin Odey, the City investor whose fund is the largest holder with 20pc, will be handed £92m in the takeover. He increased his stake from 14pc after shares began tanking last month.

Plus500 (up 4.5p at 374.5p) issued a profits warning alongside the bid announcement. It said it ‘now expects group revenue for 2015 to be lower than in 2014, with margins expected to be significantly lower due to maintained marketing spend’.

The Financial Conduct Authority has to conduct a series of checks on Playtech before it can clear the move.

Without its blessing, Plus500 could be forced to close its Uk business or abandon the deal.

The company has already begun advertising that current customers can open Cyprus- based accounts, which face less scrutiny.

Playtech, founded by Israeli billionaire Teddy Sagi, currently has no FCA-regulated businesses.