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BCS Holdings Limited Amalgamates With Igility Limited
"We are pleased to confirm that effective 3rd October 2003 we successfully completed the amalgamation of BCS Holdings Limited and all the subsidiaries of Bermuda Computer Services Limited, namely BCS Agencies Limited, Transact Limited and BCS Properties Limited with Igility Limited. This effectively transferred the operations and assets of Bermuda Computer Services Limited to Igility Limited for the sum of $6 million.
Bermuda Computer Services Limited has no investment in Igility Limited and effective 3rd October 2003 there is no further connection with the former operations of Bermuda Computer Services Limited or its subsidiaries, BCS Agencies Limited, Transact Limited and BCS Properties Limited.
The Igility investor group, led by James Thain and Aaron Smith, the General Manager of BCS Agencies Limited, has extensive experience in the computer and IT fields. The Directors are satisfied that the interests of IBM, for whom BCS Agencies Limited acts as the local representative, and other customers of Bermuda Computer Services Limited and the subsidiaries will be well looked after by the investor group who are actively involved in the computer service industry.
In accordance with the terms of the amalgamation, the Board of Directors of Bermuda Computer Services Limited has met and resolved to change the Company's name to BCS Investments Ltd. and have called a meeting of Shareholders to be held on 28th October 2003 at 2:30 pm in the LOM Building to approve this change.
The Directors of Bermuda Computer Services Limited advised Shareholders on 25th August 2003 that assuming the purchasers of the assets and operations of the Company were able to obtain the required financing and the sale was completed as anticipated in the Heads of Agreement signed on 25th August 2003 we would realize approximately $18 per share after legal fees and other costs and we would make a distribution of $10 per share to shareholders. This payment, it is now agreed by the Directors, will be made 19th November 2003 to shareholders of record 31st October 2003."
Signed by
Donald P. Lines
Chairman
Bermuda Computer Services