Mar 2009 Financial News

GHL seeks higher limit in share buyback

Mar 26, 2009

Guardian Holdings Limited (GHL) has approached the T&T Securities and Exchange Commission (TTSEC) and the T&T Stock Exchange (TTSE) to increase the daily limit on the number of shares it is allowed to purchase in its share buyback programme, according to its chairman, Arthur Lok Jack. He said that at the approved rate the plan would “take a long time” to achieve its objectives. Under the current regulation, GHL is only allowed to repurchase 8,429 shares each day.

“The share buyback has been going relatively smoothly,” he said. However, he added, “We recognise that this will take a long time given the market that we have today. And therefore we expect the stock exchange to raise the limit. And I know discussions are taking place with the TTSEC in that regard.” Lok Jack spoke to the T&T Guardian on the sidelines of the 2009 Tribology conference and awards presentation held at the Cara Suites Hotel in Claxton Bay on Monday night.

He said that the repurchase programme, which was worth more than $140 million at current market prices, would boost the value of the company’s shares on the local stock exchange. GHL has spent more than $1.5 million so far in the share buyback programme and has bought roughly 80,000 shares. In published statements on the programme, Lok Jack said none of GHL’s major shareholders would be offering their shares for sale in the programme.
“Basically, we have every faith in the company. We have been shareholders for many, many years. And neither of us have ever sold a share in Guardian (Holdings Limited). We are long term investors and we are not about to just sell our shares or to sell it to the market,” he said.


Source:
Kimberly Mackhan
Trinidad Guardian
Thursday March 26th, 2009

http://guardian.co.tt/business/business/2009/03/26/ghl-seeks-higher-limit-share-buyback