a recently announced repurchase strategy.

The company said it had made an error when it told The Royal Gazette the share buyback was for investment purposes and that there would be no cancellation.

The company has not announced how much it intends to spend or what target it is trying to reach under the repurchase programme.

"The quantity of stock to be purchased will depend on the prevailing economic climate and alternative investment opportunitnes,'' the company's board of directors announced last week in a statement to the Bermuda Stock Exchange.