Bermuda Stock Exchange giving formal notice the company's preference shares would no longer be listed.

The company was delisted after the exchange had determined the company had failed to demonstrate it had assets or value to warrant a continued listing.

BFCL preference shares were approved for listing in October 1993, as a means of raising capital to fund the purchase and development of the former Bermudiana Hotel site.

But the company failed to raise the additional necessary capital from overseas sources to fund its plan. International insurers and reinsurers ACE Ltd. and EXEL Ltd. subsequently took over the site and are in the process of building their headquarters.

BFCL shareholders subsequently received a total of $525,000 from ACE and EXEL as part of the takeover deal.

The shell company was then taken over by English businessman Peter Clayton, after it lost a bid to win back the site from ACE and EXEL. A spokesperson for Mr. Clayton said he was going to use the company to develop tourist projects in the Caribbean, North America and Europe.

BRIAN HALL TAKES OVER AT BSX COUNCIL APP STK Brian Hall takes over at BSX Council Brian Hall, president of Inter-Ocean Management Ltd. has replaced Senator Terry Lister on the Bermuda Stock Exchange Council.

The BSX said Senator Lister had resigned so he could devote more attention to his other commitments. Mr. Hall is also chairman of the Insurance Advisory Committee and is the former chairman of J&H (Bermuda) Ltd. and a director of Johnson & Higgins.

The Council is made up of 13 members headed by Arthur Sculley, President of Sculley Brothers.

ODESSEY APPOINTMENT FOR MICHAEL MATHER APP Odyssey appointment for Michael Mather Odyssey Re Group has appointed Michael Mather as senior underwriting director.

Mr. Mather will be responsible for further development of Sphere Drake's excess and surplus lines and alternative risk transfer business underwritten in London and Bermuda. Mr. Mather is a former director and senior vice president of Trenwick America Reinsurance Corp.

Bermuda-based Sphere Drake was acquired by Fairfax Financial Holdings Ltd. and grouped as a subsidiary along with New York-based Odyssey Re, and Paris-based Compagnie Transcontinentale de Reassurance.

Briefs compiled by Ahmed ElAmin