Internet (Bermuda) Limited, is projecting a six percent yield on its dividend this year.

The new holding company plans to pay 48 cents (two dividend payments are planned, one for December and the second for June each of 24 cents) twice in the first year.

"Our intention is to continue that dividend return,'' said Bank of Bermuda official Mr. Michael Collins on Wednesday at the first of three public information meetings about the public share offering.

The initial public offering of 631,380 common shares at $8 per share with a value of $5,051,040, opened June 9 and closes July 6 at 3 p.m. The minimum purchase is 100 shares per person.

The offering is being underwritten by Bermuda International Securities Limited, a subsidiary of the Bank of Bermuda, and managed by the Bank of Bermuda through its Financial Advisory Services.

Compared to other stocks on the BSE, six percent will be a "conservative'' dividend but "higher than average,'' noted Mr. Robert Jones, an officer with the investment division of the Bank of Bermuda.

BSL Holdings last month obtained a telecommunications licence to market Internet in Bermuda then announced they would go public. Further developments include a planned acquisition of Digital Systems (Bahamas) Limited (DSBL) formed in 1990 by Mr. William J. Midon, chairman/director of the new BSL Holdings and Mr. Nicholas R. Weare, president and CEO of BSL Holdings.

BSL Holdings also plans to diversity by establishing a BSL Holdings subsidiary in the Cayman Islands.

DSBL's 1991 net was $(92,550) but rebounded for net incomes of $64,954 in 1992, $435,622 in 1993 and is projecting a net income of $325,901 this year; all unaudited.

In 1989 BSL's net income was $1,037,392. Net income climbed to $1,359,053 in 1990 then dropped to a loss $16,254 in 1992. For the first six months of 1993, net income was $189,150 while their projected net income for the first half of 1994 is $841,838.

Mr. Weare, co-founder of the parent company (BSL) with Mr. Midon, said Wednesday he expects to get approval to begin trading on the Bermuda Stock Exchange around the time of the offering closure, July 6.

"This is a pivotal time for our organisation, we are looking forward to the next phase of growth,'' commented Mr. Weare.

The growth is expected to come in the consulting area, at least through 1996, while hardware sales are expected to drop.

BSL Holdings anticipates payment of dividends semi-annually with the first dividend of 24 cents per share to be paid December 30, 1994.

A large portion of BSL Holdings will be controlled by three families.

Following the offering of public shares, the Midon family, through Villanova Investments Limited will hold 294,643 shares representing 28 per cent interest in BSL holdings. With the planned link with DSBL, the shareholding of the Midon family, either directly or through Villanova Investments will increase to a maximum of 386,404 shares or 28.08 per cent.

Following the public offering, Mr. Weare will retain 126,273 shares or 11.99 per cent. in BSL Holdings. If Mr. Weare exercises his options, his holding will increase to 28.08 percent.

The third shareholder, Richard DePiano who has served as CEO of the Sandhurst Company L.P. and the Managing director of the Sandhurst Venture Fund since 1986. Prior to the public offering he owned no shares in BSL Holdings but upon the link with DSBL he will own a maximum of 16,193 shares representing a 1.18 beneficial interest inn BSL Holdings.

According to the prospectus, which includes an application for shares, proceeds from the offering will be used to fund the further expansion.

Of the shares to be offered to the public, 65 percent are new and 35 percent are existing shares.

BSL Holdings is offering 410,396 shares for subscription and expects to generate about $3,014,677. Existing shareholders, Villanova Investments Limited and Mr. Nicholas Wear, are offering 154,687 and 66,297 shares respectively.

BSL, a supplier of Digital Equipement Corporation (DEC) products, has supplied computer hardware and software in Bermuda since 1983.

A big part of the growth of BSL Holdings came in 1992 when they acquired the assets of Bermuda Business Machines while Internet, with about 20 million users in 127 countries is considered the world's largest network of networks.

Within Internet there are an estimated 25,000 networks with the user population growth rate estimated at 10 per cent per month.

Connection with Internet will likely come through UUNET, a Virginia-based company. That service is expected within 12 weeks.

Mr. Brian Hall, chairman of Johnson and Higgins (Bermuda), Mrs. Lynda Milligan-Whyte, a founding partner of the local law firm Milligan-Whyte & Smith and Mr. Midon, Mr. Weare and Mr. DePiano will serve as BSL Holdings directors. Mrs. Milligan-Whyte and Mr. Hall have no shares in BSL Holdings, prior to the public offering. Mrs. Hilary C. Midon, a director of BSL since its inception will also be a director of the new holding company.