Stock Exchange as of August 2, 2001, according to the exchange.

The BSX yesterday announced the voluntary withdrawal from listing of Bermuda Broadcasting Company and said the de-listing was granted following the company's Annual General Meeting held on 4 May at which members approved a Special Resolution to voluntarily withdraw the listing.

The statement said: "The withdrawal from listing will be effective as of 2 August, 2001.'' Earlier this month The Royal Gazette revealed that the BBC, which owns radio and television stations ZFB and ZBM, intended to de-list, a move the BBC confirmed on May 10.

The company said it was de-listing as part of a reorganisation and streamlining of the business.

A statement issued after the company's AGM said: "As a result of the reorganisation of BBC and streamlining of the various entities coming under the umbrella of BBC, the directors were of the view that there is no useful purpose to be served by the operating company continuing as a listed company on the Bermuda Stock Exchange at this time.'' As a result of the elimination of the inter-company debts held with BBC's subsidary Devonshire Properties Ltd, it was noted at the meeting that the operating company could now truly operate independently.

The DPL is an investment holding company and owns the real estate from which BBC operates. In addition it holds a small portfolio of investments.

The statement said: "Now that the inter-company debts had been eliminated, the directors proposed to declare a dividend (in specie) of all the shares owned by BBC in DPL, to all members of record at the close of business on May 4, 2001. This meant that rather than receiving a cheque by way of dividend, each and every one of the shareholders shall receive the same number of shares in DPL that they have in BBC.'' In other words all BBC shareholders will get a one-for-one share in DPL.