its listing of The Sargasso Sea Fund (BVI) I Ltd.

The withdrawal from listing was made at the request of the fund, which effective September 30, 2000, ceased trading and redeemed the shares of all investors at the net asset value on that date.

Subsequently, at a meeting of directors on March 13, 2001, the company voted to cease operating as a mutual fund and to take the necessary steps to be "struck-off'' the BVI Registrar of Companies.

The withdrawal from listing will be effective August 8, 2001.

BANK OFFERS $40 PER PIECE OF STOCK STK Bank offers $40 per piece of stock Bank of N.T. Butterfield & Son has offered its shareholders who own parts of shares the equivalent of $40 a piece for the fractional stocks -- over $9 more than their current trading price.

Shareholders of Bermuda's second largest bank may have parts of shares after stock offers gave them the right to have extra shares -- but may not have had enough to make up a full quota.

An offer has also gone out to small-holding shareholders who own less than ten shares in the to buy back these holdings for the same price as part of its share repurchase programme.

Under the same programme, the bank has offered shareholders with more than ten shares the chance to sell their share parts.

The offer price of $40 is at a premium to the current market price in order to encourage acceptance of the offer. Shares in the bank closed yesterday at $30.75.

The total number of shares that qualify for the offer is about 1,700.

In total there are 19.5 million shares currently in issue.

The Bank of Butterfield said it remains committed to enhancing shareholder value and said that the processing and administration of such small share holdings and fractional shares is no longer cost effective.

Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands' stock exchanges.