LOM Financial Share Repurchase Programme
In a filing with the Bermuda Stock Exchange [BSX] LOM Financial Limited announced their 2019 share repurchase programme.
The filing stated: “At a meeting of the Board of Directors of LOM Financial Limited on 25th July 2019, the Directors authorized management to purchase up to 500,000 shares for cancellation, pursuant to Regulation 6.38 of the BSX Listing Regulations, at a price to be determined by them.
“The authorized repurchase represents approximately 9% of the overall listed securities of the Company, and was approved due to a disparity between the current share price and the current book value of shares.
“During 2018, the Company repurchased 57,600 shares at the average price of $2.53 per share.
“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 program.
“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 program.”
