"During the previous financial year, your Directors granted an Option for a fee of $10,000 to a potential purchaser for the purchase of the shares of the Company for $8,200,000. when that Option was about to run out, the potential purchaser requested a further Option and paid a further fee of $25,000. That Option, otherwise on the same terms, ran out at the end of December 2000, and has not been renewed or exercised.
During the year under consideration, your Directors decided to contact Bermudian real estate agents with international affiliations to determine how any of them would propose to achieve a sale.
Five replies have mostly indicated that the company would have to pay for the agent's marketing and promotional expenses and would require twelve months' Sole Agency.
The Board has not yet concluded which, if any, of the Agents should be engaged. Any input from the Shareholders would be welcome bearing in mind the cash position of the company and the current star of world affairs."
Signed; For and on behalf of the Board of Directors, James A. Pearman, President.