Butterfield rights trade briskly
Created: May 05, 2010 11:00 AM
Interest remained high in the Butterfield Bank $130 million rights offering, as more than 4.1 million rights were traded on the Bermuda Stock Exchange yesterday.
The rights, which give participants the right to buy shares at $1.21 rose a cent to eight cents yesterday.
Meanwhile, the bank's common shares did not trade yesterday, remaining on $1.25.
Trading of the rights ends tomorrow and the rights offering closes on Tuesday.
There was also busy trading in Butterfield's eight-percent preference shares, which closed unchanged at $1,220, as 90 shares changed hands.
No other domestic issuers traded.
The Royal Gazette/BSX Index was unchanged on 1,241.52 - a near 13-year low.
Turnover was nearly $480,000.