closing at its lowest level.

After a steady decline in closing price, the rights closed at 50 cents yesterday.

The issue had closed as high as $3.50 on its first day traded, May 25, after a bid and ask of $2 and $3.625 respectively.

The final trade of 28,740, at 9.29 a.m., one minute before closing, was for 50 cents per right.

Wednesday's closing price was 75 cents.

The rights proved popular on their final day as the daily volume was the highest since the issue first traded.

Yesterday's volume was 80,613.

Total right's volume was 243,328 while the average trading price was $2.58, according to Bloomberg business news service.

If fully subscribed the rights offering will generate $13.5 million lifting the bank's capital base to about $25 billion. Shareholders were offered one right for every share held at May 18.

One right entitles the shareholder to acquire one $10-unit, consisting of two shares and a warrant.

Each warrant entitles the holder to subscribe for one new share at a fixed price of $7.50 at any time between May 30, 1997 and May 31, 2001. The bank had extended rights trading and the exercise period by one week.

The extensions, approved after several shareholders said they had not received the prospectus, was to ensure that all shareholders received the relevant documentation, the bank said earlier.

Right holders have until 3 p.m., Friday, June 23 to exercise their rights.

Pursuant to an underwriting agreement, the wholly-owned subsidiary of the Bank of Bermuda Ltd., Bermuda International Securities Ltd. (BISL), will underwrite 60 percent of the rights offering, subject to certain regulatory approvals.

FCIB will underwrite the remaining 40 percent. And, subject to regulatory approval, FCIB will undertake to subscribe for any units not taken up in the rights offering, through a sub-underwriting agreement with BISL. The Bank of Bermuda has been retained as arranger and manager in developing and structuring the rights offering.