This page provides Regulatory news filings submitted by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

Hamilton, Bermuda – 12 July 2023 – In a filing with the Bermuda Stock Exchange (“BSX”), Bermuda Press (Holdings) Limited. (The “Company”; Ticker: BPH.BH) announce their share repurchase program. The full filing stated:

 

The Board of Directors of The Bermuda Press (Holdings) Limited (“BPHL”) has received BSX approval for  a share repurchase programme that becomes effective on July 14th, 2023.  The Board has approved the repurchase up to $1,600,000 worth of common shares, (which equates to 200,000 common shares at the current bid price of $8.00 or approximately 14% of the outstanding shares).  The BPHL Board believes that the share repurchase will add value to shareholders and is also the best way to increase trading volumes, as the shares are currently trading below book value on the BSX. 

 

Between 14 December 2022 and 5 January 2023, BPHL repurchased 20,300 shares on the BSX at an average price of $8.00. Other trades in BPHL shares during 2022 were executed at prices ranging between $4.30 and $5.00.  The recent increase in the market price of the shares has resulted in expressions of interest by some larger shareholders considering a reduction in their holdings of local shares and the BPHL Board understands some of these shareholders may sell their shareholding during the share repurchase programme. 

 

The share repurchase will be conducted in accordance with the relevant Bermuda Stock Exchange (“BSX”) regulations with the exception that BPHL has received a waiver of Rule 6.38 and as a result BPHL has been permitted to purchase more than 2% of the aggregate number of shares in any rolling 30 day period provided it stays within the Board’s approved limit. 

 

The BPHL companies have been part of the Bermuda community for 195 years and BPHL has been listed on the Bermuda Stock Exchange since it opened in 1971.  BPHL shares are widely held, with more than 475 shareholders across the Bermuda community.  At present, the BPHL companies employ more than 150 Bermudians who contribute to the local economy as Bermuda’s most trusted source for news and information, the largest commercial printers, and a leading vendor of office equipment and supplies.

 

 

July 11, 2023

Hamilton, Bermuda

 

# # # #

 

About BSX

The Bermuda Stock Exchange (BSXTM) is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities. To learn more about BSX visit https://www.bsx.com and or contact info@bsx.com