"The Board of Directors of S.A.L. Limited, a Company listed on the Bermuda Stock Exchange (BSX), has decided to redeem its 8% Cumulative Redeemable Preference Shares which were issued in 1983 pursuant to a prospectus under the terms of which and pursuant to its Bye-Laws, the Company has the option to redeem all or part of the issued Preference shares at their par value of BDA$10.00 each.
The redemption date will be 5th November 2000 and, subject to the completion of such redemption and the approval of the holders of the Company's common shares in accordance with the BSX Regulations, the 8% Cumulative Redeemable Preference Shares will be de-listed from the BSX.
Letters have been sent to all holders of the Preference shares with instructions to enable the redemption to take place.
A final dividend will be paid on the shares on 5th November 2000.
By order of the Board."