In a filing with the Bermuda Stock Exchange [BSX], One Communications Ltd., announced their share buyback programme.
The filing stated, “The Board of Directors of One Communications Ltd. have authorized the repurchase of up to 5% of the issued and outstanding common shares of the Company through an open market programme.
“The initial term of the buyback programme extends to 31 December 2017, and the Company may commence repurchases from 8 March 2017.
The Company’s CEO, Frank Amaral, said, “We plan on repurchasing shares opportunistically with a view to balancing other potential uses for the capital. We have no current plan or goal as to timing or amount of purchases. The buyback programme provides us with an additional tool for enhancing shareholder value.”