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LOM (Holdings) Limited Share Repurchase
Hamilton, Bermuda, January 24, 2008 - LOM (Holdings) Limited today announced that on January 22, 2008 it purchased 21,500 of its own shares for cancellation at an average price of $3.59 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 6,360,500 shares of Common Stock outstanding.
"This action is part of the Company's ongoing commitment to balance sheet and capital efficiency and the creation of shareholder value.," said Donald Lines, Chairman of LOM (Holdings) Limited.
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 at www.lom.com