Bacardi met at its Bermuda headquarters yesterday for a momentous vote which may pave the way for an initial public offering of the company.

Bacardi issued a statement confirming that amendments to the Bye-Laws were approved which create two classes of Bacardi Limited common stock and other governance issues.

The issuance of the additional newly authorised shares (for a public or private transaction) would require a second affirmative vote by two-thirds of all outstanding shares.

The positive vote appears to be the result of a "softly softly" approach which chairman, Ruben Rodriguez, has taken with the family held company.

The last time the management floated the idea of opening the doors to outside investors in 1999, there was insufficient support for the idea, and the then chief executive, Chip Reid, resigned.

But now the shareholders have endorsed the creation of one class of share which could be purchased by outsiders while family members would hold a different class with ten votes per share.

To proceed to the stage of actually issuing the shares will require a further shareholder vote and board approval, but yesterday's vote means investors may finally get to taste the success of well-known spirits as Bacardi rum, the world's number-one selling premium spirit; Martini & Rossi vermouth, Dewar's scotch whisky, the number-one selling blended scotch whisky in the United States and Bombay Sapphire gin.