The directors of the Bermuda Press (Holdings) Limited, the owners of The Royal Gazette, have approved a share repurchase programme that becomes effective July 14.

The repurchase is for up to $1,600,000 worth of common shares — which equates to 200,000 common shares at the existing bid price of $8.00 or approximately 14 per cent of the outstanding shares.

In a filing with the Bermuda Stock Exchange, the board said BSX approval had been received for the repurchase programme.

Company shares are trading below book value on the BSX, and the BPHL board believes that the share repurchase will not just add value to shareholders but is also the best way to increase trading volumes.

A press statement said: “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 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 per cent 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.”