Aug 2009 Financial News

GHL repurchases only 75,861 shares

Aug 20, 2009

T&T’s regulations and markets need to evolve towards international standards while working towards finding that perfect balance between allowing markets to operate freely and protecting investors’ interests, said Arthur Lok Jack, chairman, Guardian Holdings Ltd (GHL).

In a statement issued yesterday, Lok Jack said GHL officially ended its share buyback programme on August 18. GHL bought 75,861 shares and spent $1,528,604.26. The company was restricted by Securities and Exchange Commission (SEC) regulations to purchase only 8,425 shares daily.

What we did not know, of course, was how this limitation would play
“Almost immediately after launching the programme, the disadvantage of a daily limitation became self-evident.” Lok Jack said GHL asked the SEC to consider lifting the daily limitation, but after much deliberation, the SEC stated it would not do so. He said that GHL embarked on the programme six months ago based on its analysis that its stock price did not reflect the enterprise of the company.

Source: Trinidad Guardian
http://guardian.co.tt/business/business/2009/08/20/ghl-repurchases-only-75861-shares
Date Published: Aug-20-2009