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
Wednesday, January 23, 2008
Wednesday, January 2, 2008
Donald Lines and the Bermuda Centennial Trust
From Comments on LimeyinBermuda.com - http://www.limeyinbermuda.com/latest_news/2006/10/bank_of_bermuda.html
"Observer is absolutely right. The Bank of Bermuda Centennial Trust was created on the 100th anniversary of the Bank. Around that time Midland Bank the largest shareholder of the bank decided to sell its shareholding and the Bank bought back the shares which were placed in a trust. On 100th anniversary, the Bank made a gift to the people of Bermuda, the Bank of Bermuda Centennial Trust whose purpose and income was to be used for the people of Bermuda. Donald Lines was the mastermind behind this idea and deserves a lot of credit. It was a huge gift. Of course it also provided a relatively compliant shareholder for the management of the bank.
When HSBC took over the Bank, the Centennial Trust became more independent from the bank since it no longer owned the bank's shares. I think that independence may have been one of the requirements of the sale so that HSBC could not assume control and ownership of these funds.
HSBC's contribution to the trust is probably pretty minimal. They may forego fees, salaries and expenses in managing the trust but I don't think they have contributed any funds to it.
So if you are going to thank anyone for this charitable trust it is the former shareholders of the bank and Donald Lines."
Posted by slick on 19.10.06 at 13:47
"Observer is absolutely right. The Bank of Bermuda Centennial Trust was created on the 100th anniversary of the Bank. Around that time Midland Bank the largest shareholder of the bank decided to sell its shareholding and the Bank bought back the shares which were placed in a trust. On 100th anniversary, the Bank made a gift to the people of Bermuda, the Bank of Bermuda Centennial Trust whose purpose and income was to be used for the people of Bermuda. Donald Lines was the mastermind behind this idea and deserves a lot of credit. It was a huge gift. Of course it also provided a relatively compliant shareholder for the management of the bank.
When HSBC took over the Bank, the Centennial Trust became more independent from the bank since it no longer owned the bank's shares. I think that independence may have been one of the requirements of the sale so that HSBC could not assume control and ownership of these funds.
HSBC's contribution to the trust is probably pretty minimal. They may forego fees, salaries and expenses in managing the trust but I don't think they have contributed any funds to it.
So if you are going to thank anyone for this charitable trust it is the former shareholders of the bank and Donald Lines."
Posted by slick on 19.10.06 at 13:47
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