One authorises new buyback programme
The board of One Communications Ltd has authorised the repurchase of up to two million common shares of the company through an open market programme. The new authorisation will run until the end of December.
Frank Amaral, One’s chief executive officer, said: “While we have no current plan or goal as to timing or the amount of purchases, we intend to utilise the buyback programme opportunistically, with a view to balancing other potential uses for our capital. The buyback programme provides us with a flexible tool for enhancing shareholder value.”
Separately, Butterfield Bank purchased 275,188 of its common shares, at an average price of $36.09 per share, for treasury during last month.
In New York, the bank’s shares were down 35 cents, or 0.94 per cent, at $36.69.
The Royal Gazette/BSX Index was unchanged at 2,404.48, while the BSX Insurance Index was up 2.44 points, or 0.14 per cent, at 1,748.52.
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