Bermuda company London & Overseas Freighters (LOF) has adopted a shareholder rights plan to thwart a hostile takeover.

But the company said the "poison pill'', following a NASDAQ listing, was not in response to an outside bidder attempting control.

LOF said it was concerned at lack of protection offered to Bermuda-based, non-US companies listed on the exchange, Lloyd's List said.

Rights plans make it more difficult for a predator company to raid another company because, under the poison pill, the shark has to buy more shares for the same percentage of the company.

"The rights are intended to enable all LOF shareholders to realise the long term value of their investment in LOF,'' CEO Mile Kulukundis said.

"The rights plan should encourage anyone seeking to acquire the company to negotiate with the board prior to attempting a takeover.'' CFO Huw Spiers said companies listed on the London Stock Exchange have some protection from hostile takeovers because bidders acquiring 30 percent have to make a cash offer for remaining shares.

Under LOF's plan, each LOF shareholder gets one right for each ordinary share held. The right entitles the holder to purchase one quarter of an ordinary share for $1.50.

The rights are exercisable and detach after a company gains control of over 20 percent of LOF's shares.

BERMUDA TRIANGLE BEER WINS SILVER AWD Bermuda Triangle beer wins silver Bermuda Triangle Brewing Ltd.'s Hammerhead Stout won silver at the Testing Institute of Chicago's world beer championship, the brewing company said yesterday.

As well as the recent competitive recognition, Hammerhead Stout, released in January, is gaining acceptance at Island establishments, Bermuda Triangle vice president Philip Mason said.

"Bermuda is producing world class beers and competing favourably with other breweries,'' he said.

"It was the highest score received for our local beers, 86 out of 100, just four points shy of the gold award.'' Earlier this year, Wilde Hogge and Spinnaker won silver in amber ale and kolsch categories respectively.

The brewery has opted to deliver Hammerhead Stout in returnable plastic crates to save on cardboard packaging.

The packaging savings are being passed on to the customer, Mr. Mason said.

"I'm not sure the Bermudian consumer is ready for returnable plastic crates displayed in retail stores next to colourful imported cardboard cases but we are extremely happy with the co-operation and response to the experiment with our local bars, restaurants and grocery stores. It works for milk and bread, why not beer?'' Delivering and selling beer in returnable plastic crates is not new. It is accepted recycling practice in most of Europe where customers purchase beer in grocery stores returning the crates for refunds, the company said.

AGNEW APPOINTED BONA PRESIDENT APP SHI Agnew appointed Bona president Bermuda-registered Bona Shipholding has appointed company chairman Rudolph Agnew president of the company.

The move comes after the death of John Smadal.

Bona said, under Bermuda law, a board member had to be appointed president.

Oslo-based subsidiary Bona Shipping continues to manage the company, Lloyd's List said.