The Bermuda Stock Exchange (BSX) has approved University Holding Ltd. for listing on the mezzanine market of the Exchange.

A listing member of the BSX, Voyager Financial Services Ltd., structured the offering of 1,200,000 common shares at an IPO price of $10 per share, and co-sponsored the listing with BCB Securities Ltd., a subsidiary of the Bermuda Commercial Bank.

Voyager Capital Markets has acted as the placement agent for the issue.

University Holding Ltd., incorporated here in January, was formed as a holding company to acquire the Greenwich School of Management Ltd. and finance the commercialisation and implementation of the college's Internet-based learning programme.

Since its founding in 1973 and subsequent incorporation, the college has become one of London's foremost independent colleges for business and managerial studies specialising in degree and non-degree programmes leading to academic qualifications at the professional, undergraduate and post-graduate levels.

The issue is being introduced for listing on the mezzanine market of the Exchange, which is targeted at qualified investors, with a minimum investment of $100,000.

Chairman of University Holding Ltd. William Hunt said, "We are enthusiastic about the prospects for University Holding and the continued growth of the Greenwich School of Management.

"Listing of the company on the BSX will enable us to rapidly pursue our Internet-based learning programmes, building global access to the school's management courses upon the foundation established over the previous two decades of taught programmes in Greenwich.'' BSX CEO William Woods said, "We are delighted that University Holding Ltd.

chose to list its shares on the BSX. It is illustrative of the type of company for which our new mezzanine market product was developed.

"The mezzanine market has been designed to provide new high tech and development stage companies with a listing venue that offers proper regulatory oversight and potential access to a sophisticated investor base.''