HAMILTON, BERMUDA, Jan. 22 – LOM (Holdings) Limited today announced that on January 21, 2008 it purchased 40,000 of its own shares for cancellation at an average price of $3.85 per share.
The Company is authorized to purchase shares from time to time in the open market, or privately negotiated transactions, or block trades. The number of shares ultimately repurchased, and the timing of the purchases, will depend upon market conditions, share price, and other factors. The Company currently has 6,382,000 shares of Common Stock outstanding.
"The stock repurchase authorization demonstrates the confidence of our Board and Management and the strength of our balance sheet and cash flow. It is consistent with our strategy of providing value to our shareholders while maintaining flexibility to continue to invest in future growth opportunities," said Scott Lines, President and Chief Executive Officer.
The stock repurchase will be funded using the Company's available cash. As of December 31st, 2007, the Company had cash and cash equivalents in excess of $9 million and zero debt.
About LOM (Holdings) Limited
LOM is a publicly-held, international financial services company, providing a complete range of investment services and products through its regulated subsidiaries in Bermuda, Bahamas and Grand Cayman. In business for nearly 15 years, LOM today has over $1 billion in client assets under administration and provides brokerage, asset management, and corporate finance services to its primarily high net-worth individual and institutional customers in over 75 countries around the world. The parent company, LOM (Holdings) Limited, is publicly listed on the Bermuda Stock Exchange (symbol LOM BH). The consolidated group is debt-free and has shareholder's equity of over $21 million.Find out more about LOM Offshore Financial Services
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