Argus Group Holdings Ltd.'s voluntary suspension of trading on the Bermuda Stock Exchange (BSX) is to continue.

The suspension has lasted six weeks after the insurer and investment company said it had given insufficient notice of its Annual General Meetings to shareholders due to an inadvertent administrative error.

Gerald Simons, president and chief executive officer of Argus said in a statement released by the company yesterday: "We recognise the concern that the suspension of trading in Argus shares causes. "Complete information on the steps we are taking to resolve these issues will be provided within the proxy statement to shareholders in connection with the 2010 AGM, or earlier if possible." In their statement, Argus said it recognised the administrative error should be corrected. "On the advice of its legal counsel, Argus is actively pursuing steps to resolve this issue," the statement added.

"Regrettably, the appropriate legal process necessary to remedy the matter has taken longer to complete than anticipated. This administrative matter does not affect the day-to-day operations of the company in any way and business continues as normal at Argus." In response to a request from The Royal Gazette for more detail, Argus did not give an expected time when the suspension would be lifted.

But it said that it had been required to ask for permission from the BSX to extend the suspension after a 30-day period, as was normal in such cases.

The company had no further comment on the legal process that was necessary to put right the problem.