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LOM Clarifies Press Report
Hamilton, Bermuda: 14th January 2005 - LOM (Holdings) Limited (LOM) has advised the Bermuda Stock Exchange (BSX) of the following release:
Following misleading inferences in some of the recent press reports, LOM would like to make the following clarifications:
"Lines Overseas Management Limited ("LOM") is a licensed, regulated investment firm that has been in business for 12 years, and provides brokerage and other investment services to over 2,000 primarily high-net worth, sophisticated customers worldwide. LOM is wholly owned by LOM (Holdings) Limited, which is a public company listed on the Bermuda Stock Exchange, and whose ownership is fully disclosed in its listing memorandum. In order to trade Canadian securities, LOM maintains a number of accounts with well known broker-dealers in B.C. and Ontario.
LOM's counterparties are fully aware of LOM's status as a brokerage, and it is properly disclosed as such on their forms. This is the same way any non-Canadian investment firm would operate, whether it be a well known U.S. firm without a Canadian subsidiary, or LOM in Bermuda. To say, as has been reported in several recent articles, that LOM "may be acting as a front for undisclosed investors" is entirely misleading, and makes a completely legitimate relationship sound sinister and improper. If after further review the B.C. Securities Commission decides that the brokerage firms it regulates must obtain beneficial ownership information on underlying customers of foreign brokerages, then the B.C. brokerage firms will have to change their own policies and LOM will have to abide if it wants to continue to have accounts with B.C. firms. But it is not correct to imply that past accounts were being operated improperly.
Finally, we would reiterate that ultimate beneficial ownership details of individuals trading via firms outside of Canada is available, through the established mechanism of regulator-to-regulator requests, and that the BCSC successfully used this route in the enquiry which prompted the recent hearing."