The management buy-out of Bermuda Computer Services Ltd., has been completed for $6 million, according to a press release from the Bermuda Stock Exchange yesterday.

The company has been bought out by Igility Ltd. which is a group led by James Thain and Aaron Smith, the general manager of BCS Agencies Ltd.

In a letter, the chairman of Bermuda Computer Services, Donald Lines, said: “The Directors are satisfied that the interests of IBM, for whom BCS Agencies Ltd. acts as the local representative, and other customers of Bermuda Computer Services Limited and the subsidiaries will be well looked after by the investor group who are actively involved in the computer service industry.”

BCS Holdings Ltd and all the subsidiaries of Bermuda Computer Services Ltd - BCS Agencies Limited, Transact Limited and BCS Properties Limited - have now officially been amalgamated with Igility Ltd which “effectively transferred the operations and assets of Bermuda Computer Services Limited to Igility Limited for the sum of $6 million,” added the release.

The letter went on to say that Bermuda Computer Services Ltd. has no investment in Igility Ltd. As of October 3, 2003 there has been no further connection with the former operations of Bermuda Computer Services Limited or its subsidiaries, BCS Agencies Limited, Transact Limited and BCS Properties Limited.

The board of directors of Bermuda Computer Services Limited has met and resolved to change the company's name to BCS Investments Ltd. and has called a meeting of shareholders to be held on 28th October 2003 at 2.30 p.m. in the LOM Building to approve this change.

The directors of Bermuda Computer Services Ltd told shareholders on August 25 that assuming the purchasers of the assets and operations of the company were able to obtain the required financing and the sale was completed as anticipated in the heads of agreement signed on August 25 they would get approximately $18 per share after legal fees and other costs and a distribution of $10 per share would be made to shareholders.

“This payment, it is now agreed by the directors, will be made November 19, 2003 to shareholders of record October 31, 2003,” added Mr. Lines.