The Bermuda Stock Exchange announced yesterday that property developer West Hamilton Holdings has advised that it has published notice of its intent to apply for an exemption from the 60/40 rule under Section 114 of the Companies Act.The announcement by the BSX comes a week after The Royal Gazette revealed West Hamilton planned to apply to Government for a licence under section 114B, allowing Bermudian control to be less than 60 percent. West Hamilton’s intent to make such an application was advertised in the Official Gazette two weeks ago and CFO Harrichand Sukdeo had declined to comment.“It was considered to be in the best interest of (West Hamilton) and its shareholders for the Company to be positioned to take advantage of capital that may become available from outside Bermuda,” the BSX statement yesterday said, adding. “The Company further advised that presently no application has been made.”West Hamilton owns property on Pitts Bay Road.The Bermuda Commercial Bank owns a nearly 41-percent stake in West Hamilton.The company has said it plans to construct four new buildings on its property, yielding 105,000 square feet of office space, 40,000 square feet of residential space, 8,000 square feet of retail space and underground parking for approximately 181 cars.West Hamilton completed work on the first phase of its Belvedere Place comprising two levels of parking, but the company put the construction of four planned office buildings on hold until it found a tenant.Government has announced it intends to lift the 60/40 restriction on publicly traded companies across several sectors.West Hamilton’s shares last traded at $4.25 on the BSX.