to shareholders after getting the company's share price wrong by more than ten percent in his last quarterly report.

In the latest quarterly report to shareholders released yesterday Garry Madeiros said that the company had resolved the problem which had led to the inaccuracy.

The report, which is issued to shareholders about the financial state of the company every three months, in December 2000 said that the share price was $24.95. But the share price was actually $22.60, the April 2001 report said.

"In my last quarterly report to you, I quoted the share price on December 14, was $24.95. In fact that was the bid, while the closing price as of December 14 was $22.60. The price of $24.95 was taken from our website, www.belcoholdings.bm, which has a direct link to the Daily Trade Report on the Bermuda Stock Exchange website.

"The error occurred when the closing price was not listed on the BSX site, and our site, while searching for another number, pulled from the last bid. We have since resolved this problem and I apologise for the inaccuracy.'' Last week Belco reported nearly a 30 percent rise in net income last year with profits at $20.5 million for 2000.

Mr. Madeiros, in his letter to shareholders said that the excellent figures were due to the strong performance of all three main operating subsidiaries as well as the fact that there were no further provisions for loss on Quantum Communications.

And in the 1999 year-end results $3.5 million was taken off for the loss sustained with the failed Quantum venture.

BANKS BUY UP STK Banks buy up The Bermuda Stock Exchange announced yesterday that it had been advised by the Bank of Butterfield that in March the bank or its subsidiaries acquired a further 26,593 of its own shares at an average price of $24.50. The repurchases were made under the share repurchase programme announced January 5, 2000.

The Bank of Bermuda Ltd has advised the Bermuda Stock Exchange that in March the company bought back a total of 15,700 of its common shares. This amount includes a total of 11,300 shares previously reported on 15th and 19th of March 2001.