The number of Ordinary Shares to be listed comprises 6,237,400 issued Shares of par value BMD$0.10 and a further 2,266,000 Shares which are subject of options held by LOM's Board, Executive and Management.
The Company was incorporated on 9 May, 1996 in Bermuda for the purposes of acquiring and holding shares in Lines Overseas Management Ltd., its subsidiaries and associated companies, the first of which was founded in 1992.
The Company offers its international and domestic customers a diverse range of international offshore stock brokerage, investment management and nominee services through its wholly-owned subsidiaries and associated companies.
As a local Bermuda Company, LOM (Holdings) Limited, under Bermuda law, must have a minimum of sixty percent of its Shares controlled by Bermudians. In its Information Memorandum the Company states that it intends to apply to the Government of Bermuda for a waiver of this ownership requirement, although no assurance can be given that this shall be granted.
LOM has been granted a waiver by the Exchange from the BSX Listing Regulations requirement that all listed securities be freely transferable. Immediately on listing 10% of LOM's Ordinary Shares will be available for trading on the BSX. The remainder will be restricted to varying degrees. A further 10% of the Shares held by persons other than the founders will become available for trading in 6 months, a further 25% in 12 months and the remaining 55% in 18 months. The remaining 90% of the founders' Shares will become available for trading on the BSX in 24 months. Should LOM become aware of a transfer for value occurring in the "restricted" Shares during the time when any of these Shares are not available for trading on the BSX, details of the transfer will be reported by LOM to the BSX for dissemination by the Exchange.
The listing of the Ordinary Shares of LOM (Holdings) Limited is sponsored by LOM Capital Limited.
Scott Lines, LOM's Managing Director states that "LOM has reached the point in its growth when a public listing makes sense. Over the years our shareholder base has grown to include customers and staff and this listing gives them greater liquidity and an independent price reference point. Additionally as we continue to expand our business and are actively seeking acquisition opportunities, this listing gives us a public valuation for our company to assist us in making those acquisitions. We are very pleased and excited at the prospect of beginning our life as a public company and look forward to the continued growth of the LOM group." Malcolm Moseley, LOM's Chief Financial Officer states further "We would also like to thank the BSX for their assistance in making the listing process as expeditious as possible. We received a first rate service from them and we look forward to working with them as a public company in the years ahead."
"The BSX is pleased to welcome LOM (Holdings) Limited to listing on the Main Board of the Exchange", said Mr. James S. McKirdy, Listing and Compliance Manager of the BSX. "This listing will enable LOM to establish an independent value for its Shares while giving its current shareholders a greater degree of liquidity. The BSX continues to strive to attract more local companies to listing and is confident this bold move by LOM will encourage other local companies to seek a listing for their securities."