HAMILTON, BERMUDA, Feb. 12 – LOM (Holdings) Limited (LOM) today announced that on January 28, 2008 it purchased 5,000 of its own shares for cancellation at an average price of $4.00 per share.
LOM 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. LOM currently has 6,355,500 shares of Common 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.
The stock repurchase will be funded using LOM’s available cash. As of December 31, 2007 LOM had cash and cash equivalents in excess of $9 million and zero debt.
About LOM (Holdings) LimitedLOM 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. LOM 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's offshore financial services offering here.
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