The company would be called Palm Reef Development Company Limited, and according to Mr. Jefferis, it would be totally separate, unconcerned and unrelated to the Palm Reef Hotel in Bermuda.

His partners are Mr. Robert T. Yorke and Mr. Isaac T. McLeod and they have applied to the Finance Ministry to incorporate a limited liability company.

Attorneys for the applicant are Trott and Duncan.

The objectives of the company would include owning and operating outside of Bermuda, hotels, restaurants, apartment houses, motels, conference centres, holiday camps and other businesses.

The company could also get involved in the building of golf courses and other leisure-oriented sitings that may be needed.

Mr. Jefferis said the company was being formed as a holding company, after he was approached by the businessmen to look into future possible investment opportunities.

He said: "There is no specific endeavours planned at the moment.''