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BF&M Limited Advises of Further Option Exercise and Call
Hamilton, Bermuda: 27 September 2005 - BF&M Limited (BFM.BH) has advised the Bermuda Stock Exchange (BSX) that pursuant to Section 4 of the 1999 Agreement between BF&M Limited and The Bermuda Fire & Marine Insurance Company Limited (in liquidation), BFMIC have exercised their option to subscribe for a further 275,000 shares. BF&M have served notice on BFMIC that these shares will be called and subsequently cancelled.
Section 4 of the 30th November 1999 agreement between BF&M and BFMIC enabled BFMIC to subscribe for up to 1,000,000 common shares of BF&M (later adjusted to 1,100,000 following a 1 for 10 stock dividend) during years 2004 through 2006. Section 6 of the agreement enabled BF&M to call some or all of BFMIC shares subscribed for.