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BSX Announces Listing of West Hamilton Holdings Limited Rights Under The Underwritten One For One Rights Offering

Hamilton, Bermuda – 04 July, 2011 – The Bermuda Stock Exchange  today announced the listing of the Rights of West Hamilton Holdings Limited (the “Company” or “West Hamilton”; Ticker: WHHL.BH), under the ticker WHHLR.BH.  West Hamilton Holdings Limited is a real estate development company that is launching an underwritten one for one Rights Offering to raise approximately BD $9.3 million. The majority of the net proceeds will be used to repay bank debt.

 

The Company will issue to Eligible Shareholders as of July 4, 2011 (the “Record Date”) one transferable right for every share of common stock held. Each right will entitle the holder to purchase one new share of common stock at the subscription price of BD$6.50 per share. This represents a discount of 15%, which is based on the weighted average price of BD$7.65 for the previous twelve months to date on a total volume traded of 72,370 shares.

 

The Offering is being underwritten by Bermuda Commercial Bank Limited. Important Dates:

 

Prospectus and Letters of Allotment mailed to Eligible Shareholders

July 4, 2011

Record Date for Rights Offering

July 4, 2011

Trading of Rights commences

July 5, 2011

Trading of Rights concludes

July 19, 2011

Rights Offering Closing Date

July 22, 2011

New Shares issued to Shareholders (on or about)

August 1, 2011

New Shares commence trading on the BSX (on or about)

August 1, 2011

 

All queries regarding the Rights Offering should be directed to the “West Hamilton Helpdesk Hotline” at (441) 295-5985 between the hours of 9:00am and 4:30pm, Monday to Friday. Alternatively, Eligible Shareholders and Rights Transferees may visit the “West Hamilton Helpdesk” on the ground floor of The Belvedere Building, 69 Pitts Bay Road, Pembroke HM 08 between the hours of 9:00 a.m. and 4:30 p.m., Monday to Friday.

 

Unless the context requires otherwise, capitalized terms used in this announcement have the same meanings as given to them in the Prospectus to be mailed to Eligible Shareholders on July 4, 2011.

 

Media Contacts:

Horst Finkbeiner, COO                       or                     Harrichand Sukdeo, CFO

Bermuda Commercial Bank                                       West Hamilton Limited

Tel: 441-295-5678                                                       Tel: 441-295-5985

Email: hfinkbeiner@bcb.bm                                       Email: harrys@westhamilton.bm

 

Bermuda Commercial Bank Limited is one of Bermuda’s four licensed banks, established in 1969 and regulated by the Bermuda Monetary Authority. It is Bermuda’s only bank focused purely on corporate and private wealth clients, offering a range of bespoke financial solutions. BCB’s website is www.bcb.bm and its shares are publicly traded and listed on the Bermuda Stock Exchange www.bsx.com (Ticker: BCB.BH). BCB’s share price is available on the BSX and on Bloomberg and is published daily in the Royal Gazette.

 

West Hamilton Holdings Limited (the “Company”), was incorporated in Bermuda in 2007 at which time the directors of the Company approved a reorganization of the West Hamilton Group of Companies. The primary assets of the Company consist of real property at 69 and 71 Pitts Bay Road, Pembroke HM 08. It remains the Company’s intention to develop this site by constructing four new buildings yielding 105,000 square feet of office space, 40,000 square feet of residential space, 8,000 square feet of retail space and underground parking for approximately 181 cars.