LOM board authorises 500,000-share buyback
LOM Financial Ltd’s board has authorised the repurchase of up to 500,000 shares for cancellation.
The investment firm and broker-dealer said the move was “approved due to a disparity between the current share price and the current book value of shares”.
During 2019, the company repurchased 395,650 shares at an average price of $2.77 per share, which was also its closing price on the Bermuda Stock Exchange on August 7.
At the current share price, the LOM’s market capitalisation is just over $15 million. The book value of $21.1 million, according to LOM’s balance sheet of June 30, is more than 40 per cent higher.
At a board meeting on July 28, LOM’s directors authorised management to purchase up to 500,000 shares for cancellation representing approximately 9 per cent of overall listing securities, pursuant to Regulation 6.38 of the BSX Listing Regulations, at a price to be determined by them.
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