Bank of Bermuda shareholders are being offered an opportunity to re-direct their share dividends into a scheme for purchasing of further shares.

The bank said yesterday that "under a new Reinvestment Plan, shareholders of the Bank of Bermuda may elect to receive their dividend entitlement in the form of further shares in the bank, rather than in cash.'' The bank's president and chief executive officer, Mr. Charles Vaughan-Johnson, made the announcement in a letter issued to shareholders Monday, advising of the decision taken by the board of directors to provide the optional service to shareholders.

The bank said the convenience of the reinvestment scheme would benefit shareholders by enabling them to increase their investment while bypassing the need to pay brokerage fees.

But shareholders who wish to participate in the plan for the next dividend payment date of July 14, must complete and return their application forms before the close of business June 15. Those not wishing to take advantage of the plan at this time, may elect to join at any time in the future.