The directors of LOM Financial Limited have authorised management to purchase up to half a million shares for cancellation at a price to be determined by them.

A filing with the Bermuda Stock Exchange said the 2021 share repurchase programme was authorised at the meeting in July.

The 500,000 shares represent approximately 9 per cent of the overall listing securities of the company, and was approved due to a disparity between the current share price and the current book value of shares.

Under the previous share repurchase agreement approved by the Bermuda Stock Exchange on August 3, last year, the company repurchased 246,930 shares at the average price of $2.85 per share.

Neither the directors nor executive officers of the company are aware of any associate nor insider of the company or any associate of any insider of the company who intends to sell listed securities to the company during the course of the securities repurchase programme.

Neither the directors nor executive officers of the company are aware of any direct or indirect benefits to any associate and insider of the company or any associate of any insider of the company by selling or not selling the listed securities during the currency of the securities repurchase programme.