to buy back up to 70,000 or less than five percent of the 1,450,245 issued and fully paid up common shares.

The company has already purchased 2,000 shares in the fourth quarter ended September 30. Further purchases are expected.

A published legal notice this week stated: "The purchases are being made in compliance with S.42A of the Companies Act, 1981. This will reduce the number of issued shares by no more than five percent, but will not materially affect the financial position of the company.

"However, it could result in a marginal concentration in book value, and possibly a change in the market value of the remaining shares of the company.'' Bermuda Press president, Roger Davidson, said, "It's a good investment. The shares are trading substantially lower than their net asset value.'' The share buy back is used by companies to stimulate trading activity of company shares, reduce the outstanding number and therefore improve the value of the shares held and sometimes improve the market share price.

Bermuda Press stock last traded at $10 a share.