The Bermuda Broadcasting Company is seeking to issue extra shares in a bid to raise $3.2 million.

The firm, controlled by businessman Fernance Perry, has proposed a deal with Mayfair Ltd, another Perry-controlled firm.

The proposal would seen the BBC enter into a loan note with Mayfair with convertible notes of up to $3.2 million issued to Mayfair.

BBC’s share capital would be increased to more than 5.26 million shares at $2.40 each to allow the company to issue in excess of 4.6 million new shares at the same price in connection with the loan note.

A special general meeting to be held next week will also ask shareholders to approve the issue of up to 4,613,664 shares at $2.40 each on any conversion of the loan note into shares of the company.

Mr Perry, now in his 90s, is majority shareholder and chairman of Bermuda Broadcasting Company, which owns the two remaining Bermuda TV stations, ZBM and ZFB, after VSB pulled out of television at the end of last month and two radio stations.

He is also chairman and CEO of Mayfair Ltd, a holding company and majority owner of real estate management firm Devonshire Properties.

Mr Perry is understood to be at present based in the US.

A spokeswoman for Mayfair declined to comment on the special meeting yesterday.

She said: “We have nothing to report at this time.”