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Butterfield rights trade briskly

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.