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Bermuda Aviation Services Limited Announces Terms of Rights Offering
Hamilton, Bermuda:January 27, 2006 - At a Board meeting on January 27, 2006, the directors of BAS approved a Rights Offering of new common shares to shareholders on the basis that each shareholder of record as at the close of business on January 31, 2006, be granted the right to acquire one new common share for each share registered in their name on that date at a price of BD$6.25 per share.
The Rights Offering becomes effective as of 9:00am (A.S.T.), Wednesday February 1,2006 and rights to acquire new common shares may be exercised thereafter until 12:00 Noon (A.S.T.), Tuesday, February 28, 2006. A Prospectus detailing the terms of the Rights Offering will be circulated to shareholders whose registered addresses are in Bermuda, on Wednesday February 1, 2006.
Up to a maximum amount of 2, 537,041 new common shares may be issued as part of the Rights offering to raise maximum gross proceeds of $15,856,506. The Rights Offering is underwritten by the Bank of N.T. Butterfield & Son Limited.
An application to list the new common shares of BAS has been made to the Bermuda Stock Exchange.