Financial Centre Ltd. (BFCL) shareholders.

The payment is part of the agreement ACE Ltd. and EXEL Ltd. made when purchasing the former Bermudiana Hotel site from Argus Insurance Co. Ltd.

BFCL lost a bid to develop the site when it couldn't raise the money for a hotel and office complex. ACE and EXEL plan to tear down the old hotel and build offices on the site.

Under the terms of the trust, the money will be distributed with a preference towards smaller shareholders. Preference shareholders will receive from $4 a share for the first 500 shares they own, and will get decreasing amounts down to 25 cents a share for holdings above 5,000.

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