Hamilton, BERMUDA (December 22, 1997) -- The Bank of Bermuda today announced that it has implemented the Shareholder Rights Plan authorised at the Special General Meeting on June 12, 1997.
Alison J. Satasi, Assistant Vice President, explained, "The Rights Plan, together with other provisions adopted by the Bank, is intended to discourage coercive or unfair takeover tactics. The rights are structured to have economic value in certain circumstances following a third party's acquisition of 15% or more of the Bank's shares."
A letter from the Chairman explaining the Rights Plan has been sent to all Bank of Bermuda shareholders. The Bank advises that shareholders need take no action at the current time.
For additional information please contact: Ms. Alison J. Satasi, Finance & Planning
Tel: 441-299-6648; E-mail: SatasiAJ@BankofBermuda.com