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Butterfield Bank Submits Notice Of Share Repurchase Programme
Hamilton, Bermuda: 14th January 2007 - The Bermuda Stock Exchange (BSX) has been advised by the Bank of Butterfield (NTB.BH) that it has the present intention to repurchase over the 12 month period commencing 1st January 2008, up to 3,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997. As at 30th November 2007, 3,000,000 shares represented 3.35% of total issued shares of the Bank. This intention is subject to appropriate market conditions and repurchases will only be made in the best interests of the Bank. The Directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earnings per share.
In the 12 months to 31 December, 2007, shares repurchased and cancelled totaled* 376,809 shares at an average price of $19.65 and aggregate cost of $7.4 million while share repurchased and held as treasury shares totaled 1,907,119 shares at an average price of $20.00 and aggregate cost of $38.1 million.
In addition, and separate to the above, the Bank's Stock Option Trust purchased in the 12 months to 31st December, 2007 1,094,354 shares* at an average price of $20.73 and aggregate cost of $22.7 million which are intended to be used to satisfy the Bank's obligations with respect of the Stock Option Plan.