negotiating the sale of part of their ownership stakes, The Royal Gazette has learned.

Company chairman the Hon. Sir John Plowman confirmed yesterday that some HW&P shares had been sold "in the last week or so'' and "there is a possibility that others will be sold in the next few months''.

The shares being sold belong to him and the company's managing director, Deputy Premier the Hon. Irving Pearman, he said.

"We've been looking at the future of the company,'' Sir John told The Royal Gazette . "I'm of fairly advanced age. Mr. Pearman is very active in Government. We're looking down the road.'' The sales, if approved, would not amount to a controlling stake in HW&P, and Sir John and Mr. Pearman would "retain a substantial holding'' of the auto dealership, the chairman said.

Mr. Pearman, who has been in Geneva on Government business, would likely "review his position'' with the company in future, Sir John said.

"I don't think he would resign, no -- certainly not at the moment,'' he said.

"Depending on what would happen in the political field, he would review his position.'' Sir John would not identify the buyers, except to say it would be "a Bermudian company''. He would not comment on whether any of the investors were non-Bermudian.

"It's in its early stage,'' Sir John said. "At the right time, if anything develops, we would be happy to make an announcement.'' The company's share register shows Mr. Pearman as the company's single largest shareholder, with nearly 310,000 common shares.