After sitting on a piece of property in the Turks and Caicos Islands for about 22 years, the 72 shareholders of Solar Enterprises Ltd. are finally about to get a payoff.

The company's board of directors yesterday announced a US investor has offered to pay about $7.09 million, or $10.50 a share, for the 1,375.5 undeveloped acres Solar owns on East Caicos island.

The sum is net of all expenses. Solar's shares, one of the least traded stocks on the Bermuda Stock Exchange (BSX) since it was listed in 1993, have traded from a high of about $2.50 in March 1997, to a low of $1.50 in June this year.

The stock was last traded at $1.50 on August 28.

Company president James A. Pearman said directors were expected to meet today to approve the terms of a contract with purchaser Maryland-based Frank Joseph.

Mr. Joseph will make the offer privately to shareholders under the contract.

Mr. Pearman said the offer worked out to about $5,250 an acre for the property.

"It's a good buy for him and it's a good deal for shareholders,'' he said yesterday.

Trading in the stock was suspended on Friday. The board has asked the BSX for permission to resume trading today.

"As soon as the offeror has executed the contract and returned it to Bermuda, copies will be sent to each of the company's members with a covering letter making provision for an acceptance to be signed and returned to the company secretary,'' a press release stated. "It is understood that the offeror is willing to close the transaction on or before November 27, 1998.''