offered shareholders a tidy deal to quadruple their investment.

The company announced a $25 million buyback of common shares on a pro rata basis at a price of $20.40 per common share -- more than four times the stock's last trade at $5. A month ago GLOCOM stocks were hovering around the $4 mark.

Not surprisingly after the announcement no shareholders were willing to sell yesterday.

The announcement came on the tail of GlobeNet's $250 million private offering of common shares announced in April. And shareholders must notify GlobeNet that they want to participate no later than 3 p.m. Bermuda time on Monday -- just one day before the company's AGM will be held next Tuesday.

GlobeNet plans to put the proceeds of April's offering towards developing its $1 billion Atlanta-I project -- an undersea fibre optic cable connecting the US, Bermuda, Brazil and Venezuela.

But it will not receive any proceeds from the secondary offering.

The actual amount of shares to be offered by shareholders in the secondary offering will be determined by GlobeNet's board of directors and will depend partly on the amount of shares subscribed for in the initial offering.

Shareholders who want to take part in the secondary offering will have to pay all costs associated with the sale of their common shares, including legal, accounting and printing costs and any dealers' sales commissions.

Both GlobeNet's offering and the shareholder offering will be made by private placement solely to qualified investors in the US and Canada according to exemptions from registration and prospectus requirements under laws there.

The company expects the offerings to be concluded by Tuesday next week and funding will occur on or around that day.