22 years in the Turks and Caicos Islands will have to wait a while longer.

Solar board of directors yesterday announced the collapse of a deal to sell the company's land to Maryland-based investor Frank Joseph in a private offer for $7.09 million. Solar trades on the Bermuda Stock Exchange (BSX).

Company president James A. Pearman advised the BSX that the company "no longer has a commitment or other form of relationship'' with Mr. Joseph, according to a press release.

Mr. Pearman gave no reason for the collapse of the deal. He stated company directors plan to meet this week to discuss the situation.

Mr. Joseph's offer for the 1,375.5 undeveloped acres on East Caicos would have been a boon to the company's 72 shareholders, giving them about $10.50 a share. The offer worked out to about $5,250 an acre for the property.

The stock, which listed on the BSX in 1993, has traded from a high of about $2.50 in March 1997, to its current low of $1.50.