LOM board authorises 500,000-share buyback – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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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.

Share repurchase: LOM Financial

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Published August 11, 2020 at 9:00 am (Updated August 11, 2020 at 9:14 am)

LOM board authorises 500,000-share buyback

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