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West Hamilton Holdings Limited Announces the Results of its Rights Offering
Hamilton, Bermuda: 01 August 2011 - West Hamilton Holdings Limited (the “Company” or “West Hamilton”) is pleased to announce the results of its fully underwritten Rights Offering (the “Offer”). The Offer commenced on July 4, 2011 and expired on July 22, 2011 (the “Expiration Date”) without an extension. The Offer gave Eligible Shareholders the right to subscribe for common shares in the Company on a one for one basis at a price of BD$6.50 per share to raise approximately BD$9.3 million (before expenses).
As a result of the Offer, 408,630 shares were taken up by Eligible Shareholders, which is approximately 28% of the total offered. The shares taken up by Eligible Shareholders include applications for unallocated shares.
According to Harrichand Sukdeo, CFO of West Hamilton Holdings Limited, "We are disappointed with the take up of the Offer but understand that certain Shareholders were reluctant to invest in the real estate sector at the current time when there is significant over capacity of available office space and a continued decline of job availability. However, as a result of the support of Bermuda Commercial Bank as underwriter, we are pleased to be able to move forward with our strategy to reduce the debt burden on the Company."
Horst Finkbeiner, Director and COO of Bermuda Commercial Bank stated, "We are delighted to be able to support West Hamilton as financial adviser, issue sponsor and underwriter. We look forward to continuing to support the Company, and when economic conditions in Bermuda improve, we will work with the Company to develop what we know is a significant asset on Pitts Bay Road."
Unless the context requires otherwise, capitalized terms used in this announcement have the same meanings as given to them in the Prospectus mailed to Eligible Shareholders on July 4, 2011.
-ENDS-
Media Contacts:
Horst Finkbeiner, COO 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 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.