West Hamilton Holdings Ltd has announced that 28 percent of 408,630 of the total number of shares offered in its right issue were taken up by shareholders.The fully underwritten rights offer started on July 4, 2011 and expired on July 22, 2011 without an extension, giving eligible shareholders the right to subscribe for common shares in the company on a one-for-one basis at $6.50 per share in order to raise approximately $9.3 million (before expenses).The shares taken up by shareholders include applications for unallocated shares.Harrichand Sukdeo, chief financial officer of West Hamilton Holdings Ltd, said: “We are disappointed with the take up of the offer but understand that certain shareholders were reluctant to invest in the real estate sector at the current time when there is significant over capacity of available office space and a continued decline of job availability.“However, as a result of the support of Bermuda Commercial Bank as underwriter, we are pleased to be able to move forward with our strategy to reduce the debt burden on the company.”Horst Finkbeiner, director and chief operating officer of Bermuda Commercial Bank, said: “We are delighted to be able to support West Hamilton as financial adviser, issue sponsor and underwriter.“We look forward to continuing to support the company, and when economic conditions in Bermuda improve, we will work with the company to develop what we know is a significant asset on Pitts Bay Road.”