Of the top 50 shareholdings in Bank of Bermuda, 77.6 percent are held by trusts, deposit companies or banks on behalf of individuals, making it almost impossible to work out how a vote in February will swing.

According to the share register, out of the 50 shareholders with the largest number of shares, 15 are easily distinguishable as trusts or companies acting as deposit companies, 13 are companies which may or may not be acting on behalf of individuals or trust, and 22 are private individuals or recognised family trusts.

The top five individual shareholders are David Gutteridge and his family trust with 720,757 shares worth $32.4 million, James Appleby and Suzanne Pearman through the Carnation Trust with 357,265 shares worth $160.1 million, Anthony Brewer, with 288,537 worth $13.0 million, Janet Outerbridge with 250,567 shares worth $11.3 million and David Aguiar with 91,850 shares worth $4.1 million.

Combined, these five shareholders own 1.7 million shares worth $76.5 million ? nearly six percent of the entire bank according to the share register at the bank.

The top five trust companies on the register are Cede & Co in New York, a deposit company with 12.6 million shares worth $567.7 million, Harcourt Trust with 757,186 shares worth $34.1 million, Palmar Ltd., the nominee company of the Bank of Butterfield, with 150,685 shares worth $6.8 million, Paternoster Nominees in Guernsey with 108,090 shares worth $4.9 million, and the Winchester Fiduciary Trust with 100,610 shares worth $4.5 million.

The top five companies listed on the register are Bermuda Life Insurance Co. Ltd. with 510,676 shares worth $23.0 million, Stepley & Co. with 204,750 worth $9.2 million, BF&M Ltd. with 126,802 worth $5.7 million, the Board of Trustees Hotel Pension Plan, with 158,316 shares worth $7.1 million and KeyTech with 77,299 shares worth $3.5 million.