Masters Limited has officially withdrawn its listing from the Bermuda Stock Exchange, with CEO Susan Wilson citing stringent report requirements and no liquidity on the Exchange.

In June one of the original local companies listed on the BSX first announced plans to withdraw after 35 years due to burdensome reporting requirements and a huge fee increase.

On June 14, shareholders of Masters voted in favour of the motion to withdraw from listing on the BSX. The delisting took place at the close of business last Wednesday.

According to Masters president and CEO Susan Wilson the BSX has simply ?outgrown Masters.?

The BSX has become a very large, company oriented exchange and the burden for us to remain on the exchange is just too great given our very limited administrative resources,? she said.

While Masters struggled to keep up with the Exchange?s reporting requirements ?which are as stringent as those found on much larger exchanges?, it also was finding little reason to belong on the BSX since there is ?no liquidity?, ?basically only two buyers? and little other benefit save for a slight saving in stamp duty for shareholders, she added.

The BSX?s decision to raise Masters fees also contributed to the decision to withdraw from the Exchange.

While the company had several reasons for delisting, it too noted that disclosure requirements meant revealing company information to competitors.

It also noted a lack of significant share activity, the fact the BSX was not a traditional source of the company?s capital and a beneficial reduction in audit fees for non-public companies.

Ms Wilson said that while the Exchange?s growth has not suited her company, she has no criticism for the direction the Exchange has taken.

The growth has been good for Bermuda as it moves to develop as a big financial centre, she said.

While the Exchange has 23 domestic issuers including Masters, it has more than 400 international listings.

BSX CEO Greg Wojciechowski said it was sad to see any company delist since going public is ?usually viewed as the apex of corporate development in modern capital markets as it enables a company to illustrate its commercial maturity and its ability and willingness to meet regulatory standards.?