resume the trading of their shares on the exchange after trading was suspended last week for a period expected to last into the new year.

This week, however, the Exchange made it clear that they would not tolerate such a lengthy absence.

BFCL president the Hon. Michael Winfield, in response to questions from The Royal Gazette , confirmed yesterday that trading would resume immediately.

"The stock exchange decided that a week was time enough for things to settle down from the news in the shareholders' letter, and they have decided to re-list it. It is up to the Council, not us,'' Mr. Winfield said.

"They make the rules and the companies on the exchange abide by them.'' The company had requested that they be excused from the trading of their shares on the exchange for the period required to alter the corporate structure of the company.

This week that request was turned down.

The trading was suspended last week when the company announced to shareholders that they were temporarily shelving plans to build a hotel on the site.

In a letter to shareholders, Mr. Winfield said the company would undergo a corporate re-structuring that shareholders would be asked to approve in the new year.

However, he also told shareholders "during this period of financial and corporate restructuring, I have requested the Bermuda Stock Exchange to suspend the trading of convertible preferred shares effective as of today's date (Wednesday November 16).

"Following the approval of the restructuring plan by shareholders, the company intends to apply to the Bermuda Stock Exchange to list the common shares,'' he said.

"These steps are necessary given the material changes and circumstances outlined above.'' The letter advised shareholders that a detailed package of information would be sent to them in December, and after that they would be invited to attend a special meeting to approve the proposed new structure on Tuesday January 3.

The shareholders were "strongly'' urged to attend that meeting, after which a prospectus outlining the rights offering would be mailed out.

Officials of the Bermuda Stock Exchange were yesterday not available for comment.