said yesterday.

The extension, approved after several shareholders said they had not received the prospectus, ensures that all shareholders have received the relevant documentation, the bank said.

Rights can now be traded on the Bermuda Stock Exchange up to Thursday, June 15 at 10.30 p.m.

The previous close was June 9.

The exercise period has been extended to Friday, June 23 at 3 p.m. The previous exercise period concluded on June 16.

"We have had numerous telephone calls, as well as requests from shareholders who have attended presentations, to extend the deadlines,'' said Bermuda Commercial Bank managing director Ms Audette Exel.

"We are concerned that by last week a substantial number of shareholders had not received the rights offering prospectus or the provisional allotment letter,'' she said.

The provisional allotment letter is the form shareholders must complete in order to take up or sell their rights.

"Therefore, in order not to prejudice the rights of shareholders and in view of substantial demand for more time, we have decided to extend the rights offering by one week.'' If fully subscribed the rights offering will generate $13.5 million lifting the bank's capital base to about $25 billion.

Trading of the rights commenced May 22 with prices ranging from $3 to $3.50.

The Bank of Bermuda has been retained as arranger and manager in developing and structuring the rights offering.

Shareholders were offered one right for every share held at May 18.

One right entitles the shareholder to acquire one $10-unit, consisting of two shares and a warrant.

Each warrant entitles the holder to subscribe for one new share at a fixed price of $7.50 at any time between May 30, 1997 and May 31, 2001.