Bermuda and just 24 hours after announcing it had been given exclusive distribution rights by an international software and services supplier, BSL Holdings Ltd. has announced it is going public.

The authorisation was given by the company's board of directors on Tuesday. An initial public offering (IPO) of 631,380 common shares at $8.00 per share is on the block as of yesterday, valued at $5,051,040.

Chairman Mr. William Midon said 65 percent of the offering represents new shares being issued by the company, with the balance being sold by the existing shareholders.

A series of public presentations will be held on June 22, 23 and 28 at the Princess Hotel. The offer closes on July 6 with purchases to be made in minimum lots of 100 shares per person.

The company is owned by the families of Mr. Midon and BSL president and CEO Mr. Nicholas Weare. After the company goes public, it is expected the two families will continue to hold 40 percent of the stock.

The net amount receivable by the company in respect of its issue of 410,396 shares is expected to be $3,014,677, which will be used by the subsidiary companies as working capital and to fund future expansion, growth and product service development.

Mr. Midon's family, through Villanova Investments Ltd., and Mr. Weare are offering for sale 154,687 shares and 66,297 shares, respectively.

Following the share offering, Villanova Investments will own 28 percent of the company and Mr. Weare will own 11.99 percent of the shares, with options at the end of this year and next to increase his stake to 18.18 per cent.

Mr. Midon said: "The initial public offering is a major step forward for our group of companies and one which will place us in a very good position for continued growth and expansion, both in Bermuda and selected Caribbean regions.

"Nicholas Weare and I are both founders of the company and our families will both continue to own a significant investment following the offering.

"The capital infusion is a key element to supporting the growth strategy which we have developed, while keeping the company free of long term debt.

Simultaneously, it will provide the public with a chance to participate in the growth of our company.'' The Bermuda holding company has two operating subsidiaries, Business Systems Ltd. and Internet (Bermuda) Ltd. The former was established in 1983 as the distributor for the Digital Equipment Corporation. Through diversification, the company began offering a wide range of computer hardware and software products through a marketing team focused on consultancy and networked systems integration, instead of just product sales.

The client list includes members of the banking, insurance, insurance management, accounting, retail, wholesale and hospitality sectors of the business community.

In 1992, the company bought the assets of Bermuda Business Machines Ltd.

The company is forecasting a net income for the year to June 30, of $841,838 on total revenues of $11,973,053. Unaudited figures reveal more than $1 million in profit in 1989 and in 1990, a drop off to $400,000 in 1991 and a $16,000 loss in 1992, with a return to profitability in 1993.

The company has applied for listing on the Bermuda Stock Exchange and indicates in its prospectus that the Bank of Bermuda is their largest client, representing a projected 57 percent of its business this year.

Internet (Bermuda) Ltd. has been established to offer local access to Internet, the world's largest computer communications network.

Mr. Weare said: "We will not only be providing access to local and international electronic mail services, but also access to thousands of other networks and databases around the world and the ability for those travelling, to access their home or business computer from virtually anywhere.'' BSL is also planning expansion this year, including the acquisition of a Bahamaian company that was set up in 1991 by Mr. Weare, Mr. Midon and Bahamaian partners. BSL will also establish a Cayman Islands company.

Mr. Weare said: "The expansion into the Cayman Islands is a natural progression for our company, following our success in Bermuda and the Bahamas.

The potential client base is similar in scope and sophistication to Bermuda.

In fact, there are a number of existing clients in Bermuda with operations in the Caymans and there may be an opportunity for us to expand upon these relationships.'' The IPO is being arranged and managed by Financial Advisory Services, the coporate finance department of the Bank of Bermuda. The stock brokerage subsidiary of the bank, Bermuda International Securities Ltd., has underwritten the issue.

The bank's chief investment officer, Mr. Robert Mellor, said the offering represents an important step in the continued development of the local capital market.

The Bank of Bermuda is being joined in the sales process by Bermuda Commercial Bank and First Bermuda Securities. The prospectus is available upon request.