Three months after it converted bonds to preferred shares, KeyTech Ltd. has released the names of the main preferred shareholders.

Preferred shares differ from common shares in that they provide holders a guaranteed dividend and owners of the shares are the first to be compensated for their losses in the event that the company goes bankrupt.

Preferred shareholders, however, do not enjoy voting rights as common shareholders do.

KeyTech was required to release the names of shareholders owning more than five percent of preferred shares to comply with the Bermuda Stock Exchange's regulations.

The largest shareholder is BSD Nominee, a nominee company of the Bank of Bermuda, with 19.69 percent of preferred shares, of which 16.11 percent is held for Murdoch & Company.

If BSD elected to convert its preferred shares to common shares, it would hold 41.26 percent of KeyTech's common shares, of which it already owns a significant percentage.

The second largest holder is Harcourt & Company, a nominee company of the Bank of Butterfield, with 9.87 percent.

If Harcourt converted its shares, it would own 9.20 percent of KeyTech's common stock.

The other main holders of preferred shares include the Bermuda Telephone Company Ltd. Employee's retirement plan, with 9.66 percent, and Bermuda Life Insurance Company Ltd. with 9.41 percent.

If the shares were converted to common shares, the holders would own roughly the same percentage of KeyTech common stock.