shareholder approval at a special general meeting to cease operations and begin the process of distributing the real value of the company's stock to shareholders.

Management said yesterday that the bulk of the distribution would occur within 12 months.

The move comes after the recent sale of the company's major operating subsidiary, Logic Communications Ltd. to BTC Ltd.

Bahamaian subsidiaries, Digital Systems Bahamas Ltd. and Internet Bahamas Ltd., are poised for Bahamaian ownership and Millennium is discussing options with an investment advisor in the Caribbean island.

Millennium said in a prepared statement: "This strategy has created excess cash reserves and will result in a significant change in the investment risk profile that was outlined in the company's initial public offering prospectus.'' The six month report to shareholders indicated that more would be said in coming weeks of the application of the value being created for Millennium shareholders.

The firm said that the trading price of the company's stock was not representative of the value of the company.

At a May 29 board meeting, a proposed run-off scheme was advanced that would distribute the real value of the stock to shareholders as the firm sought to be de-listed from the Bermuda Stock Exchange.

Millennium International, formerly BSL Holdings Ltd., was incorporated in May 1994. It originally was comprised of a group of companies in the information technology and data communications products and services business, including Logic.

Millennium was formed to capitalise on the emerging opportunities for new communications-enabled products and services.