telecommunications company RSL Communications, Ltd., acquiring 1,607,142 newly issued shares from RSL Communications Ltd. and an aggregate of 1,607,142 shares from several existing shareholders, including Ronald S. Lauder, the company's chairman; Itzhak Fisher, its president and chief executive officer; and Jacob Z. Schuster, its chief financial officer.

RSL clarified that, after these sales, Lauder, Fisher and Schuster continue to hold shares of the company's Class B Common Stock, which are immediately convertible into an equal number of shares of the company's Class A Common Stock and currently represent collectively 51.43% of the company's outstanding shares.

Published reports stated that Lauder, Fisher and Schuster had sold all of their shares of the company's Class A Common Stock.

But the shares sold by Lauder, Fisher and Schuster represent only 5.7%, 4.4% and 1.9% of each of their total holdings, respectively, prior to the sale.

These sales reduced the number of shares otherwise issuable by the company under its agreement with Metro Holding AG.

Bermuda-registered RSL provides international services, including long distance, calling card, private line, value-added and Internet-based services for businesses, consumers and other carriers worldwide.

RATINGS UNDER REVIEW BUC Ratings under review Moody's Investors Service placed under review for possible downgrade the B1 ratings for Central European Media Enterprises Ltd.'s (CME) senior notes due 2004.

It was prompted by CME's announcement of significant write-offs on its Hungarian operations and continuing start-up losses, aggravated by licence and partnership issues in the company's Polish operations.

Moody's review will focus on the potential for CME to resolve the problems surrounding the Polish operations, its ability to improve its liquidity position through the proposed sale of its Romanian cellular phone asset and the medium term outlook for its core group of five established stations.

The review will also consider changes in strategy from management changes earlier on this year and in particular CME's appetite for the launch of additional broadcasting operations.

Ratings under review are B1 rating of the $100 million 9.375% Senior Notes due 2004 and the DM140 million 8.125% Senior Notes due 2004.

Central European Media Enterprises Ltd., a Bermuda-registered company with corporate offices in London, England, owns and operates television networks and stations in Central and Eastern Europe.

BSX APPROVES SHARES STK BSX approves shares Up to 10,000 class B non-voting shares of the Bagheera Investment Fund Ltd.

have been approved for listing on the Bermuda Stock Exchange.

The fund was incorporated in the British Virgin Islands in January as an open-ended investment company.

The fund is managed by Goldengun Managers Ltd. in the British Virgin Islands.

The chief executive officer, founder and sole director of the manager is Charles-Henri Sabet.

The securities are listed under the restricted marketing provisions of the BSX. The shares may only be sold to qualified investors and may not be traded on the BSX in lots with an initial value of less than $100,000.

NEW NURSERY OPENS ED New nursery opens Judith Smith has opened Learning Express, a new nursery on North Shore Road near Shelly Bay. Mrs. Smith has 35 years teaching experience, including 20 at the Bermuda High School for Girls.

"I am looking forward to the opportunity of using multisensory materials to provide an innovative programme for children of nursery and preschool age,'' she said. "Our curriculum, and all the skill-building activities within it, will be structured and developmentally appropriate.''