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This page includes Regulatory news filings supplied by issuers listed on the BSX. Please note the BSX is not responsible for the content, accuracy or completeness of announcements filed by issuers and disclaims all liability for any loss arising from reliance on information contained within issuer announcements.

KeyTech Announces Issue Of Further Preferred Shares

Hamilton, Bermuda: 5 December 2002 - KeyTech Limited is pleased to announce the issue of a further 373,321 8% Cumulative Redeemable Convertible Preferred Shares of KeyTech in exchange for 249,031 7.75% Redeemable Notes of Bermuda Telephone Company Limited (BTC - a wholly owned subsidiary of KeyTech) following the second closing of the Exchange Offer, bringing the total number of KeyTech Preferred Shares in issue to 1,921,917 representing $19,219,170.

The KeyTech Preferred Shares are listed on the Bermuda Stock Exchange under the symbol "KEYP.BH". New Preferred Share Certificates are being sent to the Preferred Shareholders not in the BSD, while BSD positions have been amended accordingly.

"KeyTech is very pleased with the success of the Exchange Offer in achieving the reduction of debt and interest expense for the KeyTech group. In addition, if the Preferred Shares subsequently convert into KeyTech Common Shares it is expected that will tend to increase the total percentage of Bermudian ownership of KeyTech's Common Shares as Bermudian investors hold 90% of the Preferred Shares issued. KeyTech continues to be a majority Bermudian owned group of companies with a widely held shareholder base," said KeyTech CEO Sheila Manderson.

To complete the retirement of BTC's long-term debt in full, BTC has issued notices of redemption for those Notes remaining and outstanding as of the 15th December 2002 together with accrued interest on the Notes to that date. As a result, BTC will subsequently apply to the Bermuda Stock Exchange to delist the Notes ("BTC7.75.BH") from the Bermuda Stock Exchange. "LOM Capital acted as Corporate Finance Advisor and Listing Sponsor for KeyTech Limited and added significant value to the Exchange Offer," said KeyTech CFO Sheila Lines who also expressed "special thanks to LOM Capital for its efforts in bring the Exchange Offer to a successful conclusion."