November.

The hardware and building materials company made the announcement yesterday and said the move had always been planned.

SAL issued 8 percent cumulative preference shares in 1983 to raise capital.

But company general manager Bill Morrison said: "It was always our intention to buy them back.'' Mr. Morrison yesterday said SAL was now in a position that enabled them to make the repurchase, and that the move was not prompted by anything else.

"The redemption will enhance the value of stock to our common shareholders going forward,'' he said.

The preference shares will be redeemed at $10 each on November 5, 2000 and a final dividend will be paid on the same day.

"We do not have to go to the shareholders for permission,'' Mr. Morrison said, "the option for us to buy them back was always clear in the by-laws.'' All preference shareholders have been notified of the planned buy-back and that the preference shares will be delisted from the Bermuda Stock Exchange (BSX) on completion of the process.

Both SAL common shares and preference shares are among the least active issues on the BSX. The preference shares last traded in January, 1999 when they sold at $9 a piece. SAL's common shares last traded in November, 1998 at $12.