LOM, which is being floated today on the Bermuda Stock Exchange, intends to apply to the Minster of Finance for an exemption to the 60/40 ownership rules.

The revelation was made in an release from the BSX, which announced the approval of the listing of up to 8,503,400 Ordinary Shares of LOM (Holdings) Ltd.

Local companies are required to be owned 60 percent by Bermudians, with 40 percent foreign investment allowed.

In the past year the Minister of Finance, Eugene Cox, has relaxed the strict rules and allowed Bank of Bermuda, Bank of Butterfield and Bermuda Commercial Bank exemptions from the law.

In a release, the BSX said: "As a local Bermuda Company, LOM (Holdings) Ltd., under Bermuda law, must have a minimum of sixty percent of its shares controlled by Bermudians.

"In its Information Memorandum the company states that it intends to apply to the Government of Bermuda for a waiver of this ownership requirement, although no assurance can be given that this shall be granted."

As revealed in The Royal Gazette on Friday, LOM will float today on the Bermuda Stock Exchange, with stocks expected to trade at about $4.

The business, owned mainly by the Lines family, will become the first to float on the exchange in four years.

The number of Ordinary Shares to be listed comprises 6,237,400 issued shares of par value $0.10 and a further 2,266,000 shares which are subject of options held by LOM's board, executive and management.

LOM was incorporated on 9 May, 1996 in Bermuda for the purpose of acquiring and holding shares in Lines Overseas Management Ltd., its subsidiaries and associated companies, the first of which was founded in 1992.

The company, which was set up and run by Scott and Brian Lines, with their father Donald Lines as chairman, offers its international and domestic customers a range of international offshore stock brokerage, investment management and nominee services through its wholly-owned subsidiaries and associated companies.

They mainly deal with the finances of high net-worth individuals, both internationally and locally.

LOM has been granted a waiver by the exchange from the BSX listing regulations requirement that all listed securities be freely transferable. Immediately on listing ten percent of LOM's ordinary shares will be available for trading on the BSX.

The remainder will be restricted to varying degrees.

A further ten percent of the shares held by persons other than the founders will become available for trading in six months, a further 25 percent in 12 months and the remaining 55 percent in 18 months.

The remaining 90 percent of the founders' shares will become available for trading on the BSX in 24 months.