LOM extends share buyback authorisation
The directors of international financial services company, LOM Financial Limited, has authorised management to purchase up to 500,000 of its shares for cancellation, at a price to be determined, under the listing regulations of the BSX.
The authorised repurchase represents approximately 9.8 per cent of the overall listing securities of the company, and was approved due to a disparity between the current share price and the current book value of shares.
Under the previous share repurchase agreement approved by the BSX on 10 September 2021, the company repurchased 67,100 shares at an average price of $5.21 and an additional 42,900 shares were purchased during November and December 2022 at the average price of $5.15 per share.
In a filing with the Bermuda Stock Exchange, it was stated that neither the directors nor executive officers of the company are aware of any associate nor insider of the company, or any associate of any insider of the company, who intends to sell listed securities to the company during the course of the securities repurchase programme.
Neither the directors nor executive officers of the company are aware of any direct or indirect benefits to any associate and insider of the company, or any associate of any insider of the company by selling or not selling the listed securities during the currency of the securities repurchase programme.
LOM is a publicly-held financial services company, providing a complete range of investment services and products, with subsidiaries in Bermuda, Bahamas and the UK.
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