assets to shareholders, yesterday announced the company would cease to exist by early 2000.

Millennium chief financial officer officer Neil Speight said that when the company's contractural obligations are complete, any remaining money in the pot would be distributed.

"Any unneeded reserves will be distributed in mid-2000 after the final audit has been completed,'' a Millennium press release stated. The release was reporting on the company's annual general meeting held January 29 during which Mr. Speight reported that any final distribution would be "pennies rather than dollars per share''.

As reported previously in The Royal Gazette Millennium has so far paid out $9.50 a share representing a distribution of $13.49 million to shareholders.

The company went public at $8 a share in 1994 and the stock subsequently fell to $3.75 a share on the Bermuda Stock Exchange.

Last year executives decided shareholders were better off by liquidating the company's assets.

A glitch in the plan occurred when David Mobley of Maricopa Investment defaulted last year on $2 million of an agreed $4 million purchase of US-operation Attitude Network in the US. Millennium had proceeded in court looking for a summary judgment against Maricopa in a suit filed in Atlanta, Georgia.

Last month Millennium negotiated a settlement with Mr. Mobley for its US operation and subsequently increased a previously announced second payout of assets to shareholders by $2.84 million or $2 a share to $4.50 a share.

Millennium sold its principal asset, Internet company Logic Communications, for $8 million to the Bermuda Telephone Company Ltd. The company also sold its Bahamas-based subsidiaries in a merger agreement with KPMG Bahamas for about $3.1 million. Millennium had owned Digital Systems (Bahamas) Ltd. and Internet (Bahamas) Ltd.