LOM (Holdings) Ltd is set to buy back 2.75 percent of its shares after giving notice to the Bermuda Stock Exchange (BSX) yesterday.The company’s board of directors has authorised management to purchase shares for cancellation at a cost not exceeding $500,000.The repurchase of the securities is due to a disparity between the current share price and the current book value of shares.Earlier in the day, LOM announced the purchase of 14,500 of its own shares last month for cancellation at an average price of $3.07 per share in a filing to the BSX.LOM currently has 6,173,450 shares of stock outstanding.“These stock repurchases demonstrate our confidence in the company and its future and represents our commitment to enhance value for shareholders,” said Malcolm Moseley, executive vice-president and chief financial officer of LOM.During 2010, the company repurchased a total of 34,000 shares at the average price of $3.19 per share.