Document:

Exhibit 10.13

               REDEEMABLE PREFERENCE SHARE SUBSCRIPTION AGREEMENT

      THIS REDEEMABLE SHARE SUBSCRIPTION  AGREEMENT is made as of the 6th day of
February 2004 (the "Agreement"),

BETWEEN:    MAINTOP HOLDINGS LTD. an international  business company established
            under the laws of the Barbados,  with its  registered  office at 30E
            Lower Halcyon  Heights,  in the Parish of St. James in the Island of
            Barbados {the "Subscriber"); and

AND:        STRATEGY  HOLDING  COMPANY LIMITED an exempt  insurance  established
            under the laws of Barbados,  with its registered  office at Chancery
            House, High Street, Bridgetown, Barbados (the "Company")

WHEREAS:

A.    The Company has been formed  pursuant to the  Companies Act of the laws of
      Barbados ("Companies Act")

B.    The authorised capital of the Company consists of

      (i)   an  unlimited  number  of  shares of one  class,  designated  Common
            Shares;

      (ii)  an unlimited  number of redeemable  preference  shares of one class,
            designated Class A Redeemable  Preference  Shares Series 1 ("Class A
            Preference Shares Series 1 ");

      (iii) an unlimited  number of redeemable  preference  shares of one class,
            designated Class B Redeemable  Preference  Shares Series 1 ("Class B
            Preference Shares 1")

      (iv)  an unlimited  number of redeemable  preference  shares of one class,
            designated Class C Redeemable  Preference  Shares Series 1 ("Class C
            Preference Shares Series 1");

      (v)   an unlimited  number of redeemable  preference  shares of one class,
            designated Class D Redeemable  Preference  Shares Series 1 ("Class D
            Preference Shares 1")

C.    It is intended that the  Subscriber,  subscribe for and FIFTY SIX THOUSAND
      FIVE  HUNDRED and SIXTY ONE and ONE FIFTH  (56,561.5)  Class B  Preference
      Shares Series 1,  representing  100% of the issued and outstanding Class B
      preference Shares Series 1 then  outstanding,  determined on fully diluted
      basis for a subscription price of Fifty Six Million Five Hundred and Sixty
      One  Thousand   Five  Hundred  and  Twenty  Six  United   States   Dollars
      (USD$56,561,526.00).

D.    The purchase and sale of the Class B  Preference  Shares  Series 1 and the
      completion of the other  transactions as contemplated  herein are referred
      to as the "Transactions".

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CONDITIONS PRECEDENT:

1.    The  Transaction  is  conditional  upon  exemption from any prospectus and
      registration requirements of all-applicable securities legislation,  rules
      and  policies.  Each of the  Subscriber  and the Company  hereby agrees to
      execute and deliver all  documentation  required by applicable  securities
      legislation  to permit  the  issuance  and sale of all shares on the terms
      herein set forth.

2.    The  Transaction  is  further   conditional   upon  (i)  GARADAN  INC.  an
      international  business company  incorporated  under the laws of Barbados,
      having  subscribed for and the Company having issued to that subscriber an
      approximately  equal number of non-voting 10% cumulative  ten-year Class B
      Preference  Shares  Series 1 Shares of the Company on terms  substantially
      similar  to  those   contemplated   herein,   and  (ii)   KAVRAV  LTD,  an
      international  business company  incorporated  under the laws of Barbados,
      having  subscribed  for and the Company  having issued to that  Subscriber
      Four Hundred  (400) Common Shares  (representing  40% of the Common Shares
      then  outstanding  determined on a fully diluted basis) for a subscription
      price of US$1 per Common Share.

3.    It shall also be condition of the Closing (as  hereinafter  defined)  that
      all  documentation  relating  to the  Transaction  shall  be in  form  and
      substance  satisfactory  to Subscriber's  legal counsel for Company,  each
      acting reasonably, and that all warranties of the parties contained herein
      are true and  correct on Closing as if made by the  respective  parties on
      and as at that date.

1.    INTERPRETATION

As used in this Agreement, the following terms have the following meanings:

      "Affiliate"  means an  affiliated  company or  affiliated  body  corporate
      within the meaning of the Companies Act Cap. 308 of the laws of Barbados.

      "Business" means the Company's proposed business to be carried on directly
      or  indirectly  through  one or  more  wholly  owned  subsidiaries  of the
      international (non-domestic) insurance and reinsurance,  matters ancillary
      thereto and other  business as the board of  directors  of the Company may
      from time to time determine.

      "Closing" has the meaning ascribed thereto in Section 4.

      "Closing Date" has the meaning ascribed thereto in Section 4.

      "Common  Shares"  means the common shares in the capital of the Company as
      from time to time constituted.

      "Company" means Strategy Holding Company Limited Section 4.

      "Control" a body  Corporate is controlled by a person if any shares of the
      body corporate  carrying  voting rights  sufficient to elect a majority of
      the directors of the body corporate, except by way of security only, held,
      directly or indirectly, by or on behalf of that person.

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      "Fair  Market  Value" of any  property at any date means the highest  cash
      price in terms of money which would be obtainable  for that property as at
      that  date in an open and  unrestricted  market  without  compulsion  to a
      willing and knowledgeable  purchaser acting at arm's length, as determined
      by the auditors of the Company having regard to such considerations as may
      in their sole and unfettered discretion be considered relevant.

      "Government  Body" means any domestic or foreign  legislative  executives,
      judicial or  administrative  body or Person  having or  purporting to have
      jurisdiction in relevant circumstances.

      "Laws" means all statutes, codes, ordinances, decrees, rules, regulations,
      municipal by-laws; all judicial,  arbitral,  administrative,  ministerial,
      departmental  or  regulatory  judgements,  orders,  decisions,  rulings or
      awards,  policies,   published  guidelines;   or  any  provisions  of  the
      foregoing,  including  general  principles  of  common  and  civil law and
      equity,  binding on or affecting the person  referred to in the context in
      which such word is used; and "Law" means any one of them.

      "Mortgages" means the fixed rate registered  mortgages and charges on Real
      Property  having an estimated  aggregate  Fair Market Value and  principal
      value of USD$56,561,526.00  each with a minimum remaining term to maturity
      of no less than ten years, all as more particular described on Exhibit "A"
      annexed hereto, and any mortgage substituted for any thereof in accordance
      with the provisions of section 5 hereof.

      "Person"  or  "person"   means  any   individual,   partnership,   limited
      partnership, corporation, joint venture, association, joint stock company,
      trust, unincorporated organization or a government or an agency thereof.

      "Purchased Shares" has the meaning ascribed thereto in Section 2.

      "Real  Property"  means the lands,  premises and buildings  which are from
      time to time the  subject  of the  mortgages  and  charges  created by the
      Mortgages, all as more particularly described in Exhibit "B" hereto.

      "Subsidiary"  means  another body  Corporate,  which is  controlled by the
      Company being Strategy Insurance Limited.

IT IS HEREBY AGREED as follows:

2.    SUBSCRIPTION FOR SHARES

2.1   The Subscriber hereby subscribes for and irrevocably  agrees to take up on
      Closing  FIFTY  SIX  THOUSAND  FIVE  HUNDRED  and  SIXTY ONE and ONE FIFTH
      (56,561.5)  Class B  Preference  Shares  Series  1 in the  capital  of the
      Company, and tenders herewith the subscription amount of Fifty Six Million
      Five  Hundred and Sixty One  Thousand  Five  Hundred and Twenty Six United
      States Dollars (USD$56,561,526.00)(the "Subscription Amount") representing
      USD$1,000  per Class B Preference  Shares Series 1, in full payment of the
      aggregate subscription price for such shares.

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2.2   All the  Classes of  Preference  Shares and the Common  Shares  shall have
      attached thereto in substance the rights,  privileges,  restrictions,  and
      conditions set forth on Exhibit C hereto.

3.    TENDER AND PAYMENT OF SUBSCRIPTION AMOUNT

3.1   The Subscriber will tender the  Subscription  Amount in full on Closing by
      delivery and  conveyance on Closing to the Company of good and  marketable
      title to the Mortgages,  free and clear of any lien, charge,  encumbrance,
      right or claim of any nature.  The Subscriber  agrees that upon Closing it
      shall deliver to the Company the original registered  duplicate of each of
      the  Mortgages,  together  with a legal  opinion  as to the  title  to and
      ownership and provenance of each Mortgage in form and substance.

3.2   The  Transaction  shall be completed (the "Closing") at the offices of the
      Company's  counsel in Bridgetown,  Barbados,  as soon as practicable after
      and in any event no later than the 6th day of February  2004 or such other
      date as counsel  to the  parties  hereto  may agree in writing  (such date
      being herein referred to as the "Closing Date").

4.    ISSUE OF SHARES

4.1   In  consideration of the  Subscription  Amount,  the Company pursuant to a
      resolution  of the Board of  Directors,  shall issue to the  Subscriber on
      payment in full,  as set out in Clause  3.1  hereof,  therefore  FIFTY SIX
      THOUSAND  FIVE  HUNDRED  and SIXTY ONE and ONE  FIFTH  (56,561.5)  Class B
      Preference  Shares Series 1 in the capital of the Company,  such shares to
      be issued as fully paid and  non-assessable,  and as evidence  thereof the
      Company shall issue a share  certificate  representing  such shares in the
      name of the Subscriber.

5.    SUBSCRIBER'S RIGHT OF SUBSTITUTION OF MORTGAGES

5.1   The Company hereby  irrevocably  grants to the Subscriber,  effective upon
      Closing,  [but  only  so  long  as the  Subscriber  or any  subsidiary  or
      affiliate  of the  Subscriber  is the  registered  holder  of any  Class B
      Preference  Shares  Series 1 of the  Company] the option to acquire at any
      time  all or from  time  to time  any of the  Mortgages  then  held by the
      Company or its  Subsidiary,  upon and subject to the  following  terms and
      conditions:

      (a)   The Subscriber  shall have the option,  exercisable at any time upon
            at least  thirty (30) days' prior  written  notice  delivered to the
            Company and the Custodian,  to require the Company or its Subsidiary
            to sell to the  Subscriber  any or all of the Mortgages then held by
            the Company or its Subsidiary for a purchase price equal to the Fair
            Market Value  thereof as at the date of such notice,  payable in the
            manner set forth in Sub-Clause  5.1(b)  below,  and upon delivery of
            such  notice,  together  with  payment in full,  the  Company or its
            Subsidiary shall deliver to the Subscriber good and marketable title
            to  such   Mortgages   free  and  clear  of  any   liens,   charges,
            encumbrances,  rights or claims of any nature,  the Custodian  shall
            deliver  to the  Subscriber  the  Mortgages  so  purchased  and  the
            proceeds of such sale be released to the Company or its Subscriber.

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      (b)   The purchase  price payable under  Sub-clause  5.1(a) above shall be
            payable in immediately  available  funds  denominated in US dollars,
            provided  that  Subscriber  may at its  option,  if so stated in its
            notice of exercise under Sub-clause  5.1(a) above,  elect to pay the
            whole or any part of such  purchase  price  by way of  delivery  and
            conveyance to Company of good and marketable  title,  free and clear
            of any lien, charge,  encumbrance,  right or claim of any nature, of
            another mortgage or mortgages:

            (i)   having a Fair Market Value at the time of substitution no less
                  than such purchase price or part thereof;

            (ii)  having a maturity  date within 90 days of the maturity date of
                  the Mortgage being purchased;

            (iii) secured on Real  Property  then having a Pair Market  value no
                  less than the greater of (A) the then Fair Market Value at the
                  time of  substitution,  and (B) the original Pair Market Value
                  as at Closing,  of the Real  Property  subject to the Mortgage
                  being  purchased,

            (iv)  supported by the Guarantee; and

            (v)   otherwise of a nature,  form and  substance  acceptable to the
                  Company, acting reasonably.

      (c)   Except as otherwise contemplated herein, neither the Company nor its
            Subsidiary shall be entitled to sell, transfer,  assign or otherwise
            dispose  of  (otherwise  than by way of pledge,  charge or  security
            interest)  any  interest in any of the  Mortgages  without the prior
            written consent of the Subscriber.

      (d)   Notwithstanding the foregoing  Sub-clause 5.1(c), the Company or its
            Subsidiary  shall be entitled,  upon delivery to the  Subscriber and
            the  Custodian of at least 15 days' prior  written  notice  together
            with the certificate of the Company's  auditors  confirming that the
            Company or its  Subsidiary  lacks the liquidity  necessary to honour
            any claim or claims  enforceable  against  it and the  amount of any
            such  deficiency,  to sell such one or more of the Mortgages in such
            manner and to such person or persons as may in the discretion of the
            Company's  or its  Subsidiary's  board of  directors be necessary or
            advisable in order to fund such  deficiency  and honour such claims.
            Upon  receipt of such notice and  certificate  the  Custodian  shall
            release to the  Company's or its  Subsidiary's  attorney-at-law  the
            Mortgages to be sold,  to be held in escrow  against  receipt of the
            net sale proceeds  thereof of the Company,  which  proceeds shall be
            released to the Company or its Subsidiary,

      (e)   Notwithstanding  the foregoing  Sub-clause  5.1(d),  the  Subscriber
            shall be entitled  to  participate  in any sale  process on the same
            basis as any other potential purchaser of the Mortgages to be sold.

6.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY

6.1   The Company hereby represents and warrants to the Subscriber as follows:

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      (a)   The Company has been duly and validly incorporated and organised and
            is validly existing under the laws of Barbados and has all requisite
            corporate  power and  authority  to carry on its  business,  own its
            property and assets and to carry out the  provisions  hereof and has
            full  power  and  capacity  to  execute   deliver  and  perform  its
            obligations under this Agreement and to complete the Transaction.

      (b)   Each  of  this  Agreement  and  other  agreements  entered  into  in
            connection with the Transaction  when executed,  will have been duly
            authorised, executed and delivered on behalf of the Company and will
            be a valid and  binding  obligation  of the Company  enforceable  in
            accordance  with its  terms  subject,  however,  to  limitations  on
            enforcement   imposed  by   bankruptcy,   insolvency,   liquidation,
            reorganisation,  reconstruction and other similar Laws affecting the
            enforcement  of the rights of creditors and others and to the extent
            that equitable remedies such as specific performance and injunctions
            are only  available in the  discretion  of the court from which they
            are sought.

      (c)   The Company does not have any direct or indirect  ownership or other
            interest  in any  business,  venture  or  endeavour  other  than the
            Business.

      (d)   The  Company,  or a  wholly  owned  subsidiary  thereof,  will be on
            Closing duly qualified or licensed and in good standing as a company
            authorised   to  do  business  in   Barbados,   which  is  the  only
            jurisdiction in which it carries on the Business or where the nature
            of  business  carried  on  or  proposed  to be  carried  on by it or
            requires it to be so licensed or qualified.

      (e)   There are no material  liabilities,  indebtedness  or obligations of
            the  Company  of any kind  whatsoever,  whether or not  absolute  or
            contingent,  other than liabilities  incurred in the ordinary course
            of business since the date of incorporation.

      (f)   Immediately   prior  to  giving  effect  to  the  Transaction,   the
            authorised  capital of the  Company  will on  Closing  consist of an
            unlimited number of shares of one class,  designated  Common Shares;
            an unlimited  number of redeemable  preference  shares of one class,
            designated  Class  A  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class  B  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class C Redeemable  Preference  Shares  Series 1; and an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class D Redeemable  preference  Shares Series 1 and only
            One  Thousand  (1000)  Common  Shares,   will  be  duly  issued  and
            outstanding as fully paid and non-assessable.

      (g)   At Closing,  all necessary  corporate action will have been taken by
            the Company to authorize  the creation and issuance of the Purchased
            Shares and all of the Purchased Shares will, upon their issuance, be
            validly  issued  as  fully-paid  and   non-assessable   shares.  The
            Purchased  Shares will on Closing be issued in  compliance  with all
            applicable security laws.

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      (h)   There is no action,  suit,  proceeding or investigation  (whether or
            not  purportedly  on behalf of the Company) which has been commenced
            or, to the  knowledge of the  directors and officers of the Company,
            no action,  proceeding or  investigation  is threatened  against the
            Company before any court or before any Government Body or before any
            arbitrator or board.

      (i)   There is no person, firm, or corporation acting or purporting to act
            for  the  Company  entitled  to any  brokerage  or  finder's  fee in
            connection with this Agreement.

      (j)   Each of the Company's warranties herein shall be true and correct on
            Closing as if made by the Company on and as at that date.

6.2   The  Company  hereby  acknowledges  and  agrees  that  each  of the  above
      representations  and  warranties  is being relied on by the  Subscriber in
      connection  with its decision to enter into this Agreement and to complete
      the  transactions  herein  and  therein  contemplated  and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following Closing.

7.    REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBER

7.1   The Company hereby represents and warrants to the Subscriber as follows:

      (a)   The Subscriber is duly  incorporated  and validly existing under the
            laws of Barbados and has all requisite  corporate power and capacity
            to enter and perform its  obligations  under this  Agreement  and to
            complete the Transaction.

      (b)   This Agreement has been duly  authorised,  executed and delivered on
            behalf of the  Subscriber  and is a valid and binding  obligation of
            the Subscriber, enforceable in accordance with its respective terms,
            subject  to  the  usual   exceptions  as  to   bankruptcy   and  the
            availability of equitable remedies.

      (c)   The execution and delivery of this Agreement, and the performance of
            the  Subscriber's  obligations  hereunder or the consummation of the
            transactions  herein provided for will not result in or constitute a
            breach of any term or  provision  of, or  constitute a breach of any
            term or provision of, or constitute a default under,  the constating
            documents, Articles of Incorporation or By-laws of the Subscriber or
            any  agreement  to which the  Subscriber  is a party or by which the
            Subscriber is bound.

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      (d)   The  Subscriber is or will,  subject to the  provisions  hereof,  be
            purchasing the Purchased Shares for its own account,  for investment
            purposes  and  not  with a view  to the  distribution  thereof.  The
            Subscriber will not, directly or indirectly,  offer, transfer, sell,
            assign,  pledge,  hypothecate or otherwise  dispose of any Purchased
            Shares (or solicit any offers to buy, purchase, or otherwise acquire
            any of such Purchased  Shares)  acquired by it, except in compliance
            with the Articles and all applicable securities Laws.

      (e)   The Subscriber understands that the transfer of the Purchased Shares
            acquired by it pursuant hereto shall be subject to the  restrictions
            imposed by the Articles or applicable  securities  Laws and may bear
            restrictive legends describing such restrictions.

      (f)   The Subscriber is the sole and exclusive  beneficial  owner of right
            of the mortgages,  with good and  marketable  title thereto free and
            clear of any liens, charges,  encumbrances,  rights or claims of any
            nature.

      (g)   The Mortgages  constitute  valid and  enforceable  first  registered
            mortgages and charges against all Real Property, subject to no prior
            registered charges.

      (h)   The Subscriber's decision to execute this Agreement and purchase the
            Purchased  Shares  has not been  based  upon any  verbal or  written
            representations  as to fact or otherwise made by or on behalf of the
            Company other than those contained in this Agreement.

      (i)   The Subscriber acknowledges that no prospectus has been filed by the
            Company  with  any  securities   commission  or  similar  regulatory
            authority in any  jurisdiction  in  connection  with the sale of the
            Purchased  Shares  and  as  a  result  (i)  the  Subscriber  may  be
            restricted  from using most of the civil  remedies  available  under
            applicable  securities  Laws,  (ii) the  Subscriber  may not receive
            information  that would  otherwise  be required to be provided to it
            under  applicable  securities  Laws,  and (iii) the  Company  may be
            relieved from certain  obligations  that would otherwise apply under
            applicable securities Laws.

      (j)   The  Subscriber  acknowledges  that the  investment in the Purchased
            Shares  may have tax and/or  other  consequences  to the  Subscriber
            under applicable  Laws,  which the Subscriber is solely  responsible
            for  determining  and in  respect  of  which no  assistance  will be
            provided  by the Company or its  advisors,  and the  Subscriber  has
            obtained its own legal and tax advice.

      (k)   There is no person,  firm or corporation acting or purporting to act
            for the  Subscriber  entitled to any  brokerage  or finder's  fee in
            connection with this Agreement.

      (l)   The  aggregate  Fair Market  Value of the Real  Property  will be at
            Closing no less than [100%] of the  aggregate  Fair Market  Value of
            the Mortgages on that date.

      (m)   Each of the Subscriber's warranties herein shall be true and correct
            on Closing as if made by the Subscriber on and as that date.

7.2   The  Subscriber  hereby  acknowledges  and  agrees  that each of the above
      representations  and warranties is being relied on by the Company  without
      independent  inquiry  in  connection  with  the  issue  and  sale  to  the
      Subscriber  of the  Purchased  Shares  acquired  by it and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following Closing.

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8.    COVENANTS OF THE COMPANY

8.1   The Company shall maintain its corporate existence,  rights and franchises
      in full force and effect.

8.2   The Company shall comply with all  applicable  Laws,  non-compliance  with
      which  could  materially  adversely  affect  its  business  or  condition,
      financial or otherwise.

8.3   The Company shall make all dividend payments on all, Classes and Series of
      the Preference Shares, as they become due and payable.

9.    DIVIDEND PAYMENTS

9.1   In the event that any dividend  payments that are due and payable,  on the
      Class A  Preference  Shares  Series 1 shares,  are not paid,  the  Company
      shall, at the option of the Subscriber,  immediately pay the equivalent of
      the six (6) months anticipated dividend the Subscriber.

10.   GENERAL

10.1  Governing Law. This Agreement is a Barbados  contract governed by the laws
      of Barbados.  Both parties hereby  irrevocably attorn to the non-exclusive
      jurisdiction o f the courts of Barbados.

10.2  Time of the Essence. Time shall be of the essence hereof.

      Currency.  All  references  herein to monetary  amounts are  references to
      lawful money of the United States of America.

10.3  Entire  Agreement.  This Agreement and the other  agreements  contemplated
      herein  constitute the only agreement  between the parties with respect to
      the  subject  matter  hereof  and  shall   supersede  any  and  all  prior
      negotiations and understandings.

10.4  Amendments. This Agreement may be amended, modified or supplemented in any
      respect by written instrument only signed by each party hereto.

10.5  Execution by Facsimile.  This Agreement may be executed by the parties and
      transmitted by facsimile transmission,  and if so executed and transmitted
      this Agreement will be for all purposes as effective as if the parties had
      delivered an executed original agreement.

10.6  Counterparts. This Agreement may be executed in several counterparts, each
      of which  when so  executed  shall be  deemed to be an  original  and such
      counterparts together shall constitute one and the same instrument.

10.7  Severability.   Any  Section,  paragraph  or  other  subdivision  of  this
      Agreement or any provision of this  Agreement  which is or becomes,  or is
      determined by an arbitrator  pursuant,  to section 10.8 hereof or court of
      competent  jurisdiction to be, illegal,  invalid or unenforceable shall be
      severed  from  this  Agreement  and be  effective  to the  extent  of such
      illegality,  invalidity or unenforceability and shall not affect or impair
      the remaining provisions hereof.

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10.8  In the event of any dispute  between any of the Parties hereto arising out
      of this Agreement,  the matter in dispute shall be referred to arbitration
      in  accordance  with this  Section  10.8 and a Party may make a demand for
      arbitration  by written  notice to the other Party  stating the matter and
      amount,  if any, in dispute.  The matter in dispute shall be referred to a
      panel  of three  (3)  arbitrators  (the  "Arbitrators")  agreed  to by the
      parties and arbitration  proceedings shall be conducted in accordance with
      the Arbitration Act, Cap. 110 of the laws of Barbados.

10.9  Waiver.  No waiver of any of the  provisions  of this  Agreement  shall be
      deemed  to  constitute  a waiver of any other  provision  (whether  or not
      similar),  nor shall such waiver  constitute a waiver or continuing waiver
      unless otherwise  expressly provided in writing duly executed by the party
      to be bound thereby.

10.10 Assignment  and  Enurement.   This  Agreement  is  not   transferable   or
      assignable.  This  Agreement  shall enure to the benefit of and be binding
      upon the parties, their successors and permitted assigns.

10.11 Non-Merger of  Agereement.  The rights and  obligations  of this Agreement
      shall not merge on the consummation of the Agreement, but shall be binding
      on the  parties  until  such time as the  Subscriber,  his  successors  or
      permitted assigns ceases to be a Shareholder of the Company.

10.12 Further Assurances.  Each of the parties covenants and agrees that it will
      sign such further agreements,  assurances,  waivers and documents,  and do
      and perform or cause to be done and performed  such further and other acts
      and things as may be necessary or desirable  from time to time in order to
      give full effect to this Agreement and every part hereof.

10.13 Notice.  Any notice  required or permitted  to be given or made  hereunder
      shall be given in writing and shall be  effectively  given or made if sent
      by  electronic  facsimile or  personally  delivered  to any party  hereto,
      except the Company, at its last address as set forth in the records of the
      Company,  and if to the Company,  at its then registered  office,  in each
      case to the attention of the President.  If delivered personally or by way
      of  electronic  facsimile,  any such  notice  shall be deemed to have been
      given or made on the date of such delivery or transmission.  Any party may
      change its address for service by giving  notice of such change of address
      to the Company and the other parties hereto in the manner herein provided.

                                       10
<PAGE>

This Agreement is signed and executed by the respective  parties in counterpart;
each counterpart is to be read as an original document and all such counterparts
are to be deemed as representing the same document.

A telecopied  transmission  of this Agreement by any person named below shall be
sufficient  to  establish  the  signature of that person and to  constitute  the
authority in writing of such person to the foregoing resolution.

If the  foregoing  is in  accordance  with your  understanding,  please sign and
return the enclosed  copy of this  Agreement as soon as possible to evidence the
Subscriber's agreement to purchase the Purchased Shares.

      IN WITNESS  WHEREOF,  the parties have executed this Agreement on the date
first before written.

<TABLE>
<CAPTION>
<S>                                                  <C>    <C>
SIGNED by                                               )
for and on behalf of MAINTOP HOLDINGS LTD.              )    /s/ Dr. J. Gordon Murphy
LTD.                                                    )    --------------------------
in the presence of:                                     )    Name: Dr. J. Gordon Murphy
                                                        )    Title:  Director
<CAPTION>

Witness:    /s/ Kezsha N. Hyde
            ---------------------
Name:  Kezsha N. Hyde
Address: Apt. #3 Pilgrim Road, Christ Church
Calling/Description: Attorney-at-law

<S>                                                  <C>    <C>
SIGNED by                                               )
for and on behalf of STRATEGY HOLDING                   )    /s/ Dr. Trevor A. Carmichael
COMPANY LIMITED.                                        )    ------------------------------
in the presence of:-                                    )    Name: Dr. Trevor A. Carmichael
                                                        )    Title:  Director
</TABLE>

Witness:    /s/ Kezsha N. Hyde
            ---------------------
Name:  Kezsha N. Hyde
Address: Apt. #3 Pilgrim Road, Christ Church
Calling/Description: Attorney-at-law

                                       11
<PAGE>

                                    EXHIBIT A

                            DESCRIPTION OF MORTGAGES

                                [to be inserted]

                                       12
<PAGE>

                                    EXHIBIT B

                          DESCRIPTION OF REAL PROPERTY

                                [to be inserted]

                                       13
<PAGE>

                                    EXHIBIT C

                                SHARE ATTRIBUTES

PREFERENCE SHARES       Each  Series of  Preferred  Shares  shall have  attached
                        thereto the following rights,  privileges,  restrictions
                        and conditions:

                  (a)   Each Series of Preferred Shares shall rank pari passu in
                        all respects.

                  (b)   The Redeemable  Preferred Shares shall bear a cumulative
                        preferential  dividend equal to 10% per annum of the par
                        value  thereof,  payable  quarterly on the last business
                        day of each calendar quarter, in preference and priority
                        to any payment of  dividends to the holders of any other
                        class of shares in the capital of the Company in respect
                        of that quarter, but the holders of the Preferred shares
                        shall  have no  further  right  to  dividends.  The said
                        preferential  dividend shall accrue from January 1, 2004
                        and the first payment of such dividend  shall be payable
                        on April 1, 2004.

                  (c)   The Preferred  Shares shall be  retractable  in whole or
                        part at the  option  of the  holder  at any  time by the
                        shareholder and is mandatory after the tenth anniversary
                        of the Closing  Date upon at least  fifteen (15) working
                        days prior  written  notice at the  redemption  price of
                        US$1,000 per  preferred  share,  plus accrued and unpaid
                        cumulative preferential dividends.

                  (d)   The  Preferred  Shares  shall  rank in  priority  to the
                        shares of all  classes in the  capital of the Company as
                        to  the   return  of  capital   upon  the   liquidation,
                        dissolution  or other  winding-up  of the  Company,  but
                        thereafter  the holders of the  Preferred  Shares  shall
                        have no further  right to  participate  in the assets of
                        the Company.

                  (e)   In the case of any redemption or retraction of Preferred
                        Shares,   or  the  liquidation,   dissolution  or  other
                        winding-up of the Company, the Company may at its option
                        pay the whole or any part of the  amount  payable to any
                        one or more  holders  of the  Preferred  shares  in such
                        event  by way of the  delivery  and  conveyance  to such
                        holders of good and marketable  title to Property having
                        an aggregate  Fair Market Value equal to or greater than
                        such amount or part  thereof,  For the  purposes  hereof
                        "Property"  means  property  then  owned by the  Company
                        which was  acquired by the Company in  consideration  of
                        the issuance of any Preferred Shares of the Series being
                        redeemed or repurchased,  or any property of the Company
                        received  by  the  Company  pursuant  to  any  right  of
                        substitution of property  exercised by the party to whom
                        any such shares were issued.

                                       14
<PAGE>

                  (f)   The Preferred Shares shall be non-voting in all events.

                  (g)   The Preferred Shares shall be  non-transferable  without
                        the prior written consent of the Company,  which consent
                        may be arbitrarily granted or denied,  provided that the
                        Preferred  Shares may be transferred to Subsidiary or an
                        Affiliate of the Subscriber upon prior written notice of
                        the Company.

COMMON SHARES:

                  (a)   Subject  to  the  prior  rights  of the  holders  of the
                        Preferred Shares, the holders of the Common Shares shall
                        have the  right to  receive  dividends,  if any,  as the
                        directors  in their  discretion  may  from  time to time
                        declare.

                  (b)   Subject  to  the  prior  rights  of the  holders  of the
                        Preferred Shares, the holders of the Common Shares shall
                        have  the  right  on  the  liquidation,  dissolution  or
                        winding-up of the Company or other  distribution  of its
                        assets among its shareholders for the purpose of winding
                        up its  affairs to receive the  remaining  assets of the
                        Company.

                  (c)   The  holders of the Common  Shares  shall be entitled to
                        receive   notice  of  and  to  attend  all  meetings  of
                        shareholders  of the  company  and to vote  at any  such
                        meeting  on the basis of one vote of each  Common  Share
                        held.

                  (d)   The Common Shares shall be in registered  form and shall
                        be  transferable  upon the prior written  consent of the
                        Company,  which consent may not be unreasonably withheld
                        or delayed.

                  (e)   In the event that the holders of at least  two-thirds of
                        Common  Shares  then  outstanding   shall  at  any  time
                        hereafter  receive  from a third party  dealing at arm's
                        length with each holder of Common Shares an  irrevocable
                        bona fide offer to purchase  all, but not less than all,
                        of the  outstanding  Common  Shares of the Company for a
                        purchase  price  payable in cash or by way of shares the
                        purchaser  of a class listed for trading on a recognized
                        North American stock  exchange,  which offer they desire
                        to accept,  then all holders of Common  shares  shall be
                        immediately  provided  with a complete and accurate copy
                        of that offer and all holders of Common  Shares shall be
                        obliged to accept and shall sell their Common  Shares to
                        the  third  part in  accordance  with the  terms of that
                        offer.

                                       15Exhibit 10.14

                REDEEMABLE REFERENCE SHARE SUBSCRIPTION AGREEMENT

      THIS REDEEMABLE SHARE SUBSCRIPTION  AGREEMENT is made as of the 6th day of
February 2004 (the "Agreement").

BETWEEN:    GARADAN INC. an international business company established under the
            laws of the  Barbados,  with  its  registered  office  at 30E  Lower
            Halcyon  Heights,  in the  Parish  of St.  James  in the  Island  of
            Barbados (the "Subscriber"); and

AND:        STRATEGY  HOLDING  COMPANY LIMITED an exempt  insurance  established
            under the laws of Barbados  with its  registered  office at Chancery
            House, High Street, Bridgetown, Barbados (the "Company")

WHEREAS:

A.    The Company has been formed  pursuant to the  Companies Act of the laws of
      Barbados ("Companies Act")

B.    The authorised capital of the Company consists of:

      (i)   an  unlimited  number  of  shares of one  class,  designated  Common
            Shares;

      (ii)  an unlimited  number of redeemable  preference  shares of one class,
            designated Class A Redeemable  Preference  Shares Series 1 ("Class A
            Preference Shares Series 1");

      (iii) an unlimited  number of redeemable  preference  shares of one class,
            designated Class B Redeemable  Preference  Shares Series 1 ("Class B
            Preference Shares Series 1");

      (iv)  an unlimited  number of redeemable  preference  shares of one class,
            designated Class C Redeemable  Preference  Shares Series 1 ("Class C
            Preference Shares Series 1");

      (v)   an unlimited  number of redeemable  preference  shares of one class,
            designated Class D Redeemable  Preference  Shares Series 1 ("Class D
            Preference Shares Series 1");

C.    It is  intended  that  the  Subscriber,  subscribe  for and  FOURTY  SEVEN
      THOUSAND SIX HUNDRED AND SEVENTY (47,670) Class A Preference Shares Series
      1  representing  100% of the issued  and  outstanding  Class A  Preference
      Shares Series 1 then outstanding,  determined on fully diluted basis for a
      subscription  price of Fourty  Seven  Million  Six Hundred and Seventy Six
      Thousand and Eighty Four United States Dollars (USD$47,676,084.00).

                                       1
<PAGE>

D.    The purchase and sale of the Class A  Preference  Shares  Series 1 and the
      completion of the other  transactions as contemplated  herein are referred
      to as the "Transactions".

CONDITIONS PRECEDENT:

1.    The  Transaction  is  conditional  upon  exemption from any prospectus and
      registration requirements of all-applicable securities legislation,  rules
      and  policies.  Each of the  Subscriber  and the Company  hereby agrees to
      execute and deliver all  documentation  required by applicable  securities
      legislation  to permit  the  issuance  and sale of all shares on the terms
      herein set forth.

2.    The Transaction is further  conditional  upon (i) MAINTOP HOLDINGS LTD. an
      international  business company  incorporated  under the laws of Barbados,
      having  subscribed for and the Company having issued to that subscriber an
      approximately  equal number of nonvoting 10%  cumulative  ten-year Class B
      Preference  Shares  Series 1 Shares of the Company on terms  substantially
      similar to those contemplated herein and (ii) KAVRAV LTD. an international
      business  company   incorporated  under  the  laws  of  Barbados,   having
      subscribed  for and the  Company  having  issued to that  Subscriber  Four
      Hundred  (400) Common Shares  (representing  40% of the Common Shares then
      outstanding  determined on a fully diluted basis) for a subscription price
      of US$1 per Common Share.

3.    It shall also be condition of the Closing (as  hereinafter  defined)  that
      all  documentation  relating  to the  Transaction  shall  be in  form  and
      substance  satisfactory  to Subscriber's  legal counsel for Company,  each
      acting reasonably, and that all warranties of the parties contained herein
      are true and  correct on Closing as if made by the  respective  parties on
      and as at that date.

1.    INTERPRETATION

As used in this Agreement, the following terms have the following meanings:

      "Affiliate"  means an  affiliated  company or  affiliated  body  corporate
      within the meaning of the Companies Act Cap. 308 of the laws of Barbados.

      "Business" means the Company's proposed business to be carried on directly
      or  indirectly  through  one or  more  wholly  owned  subsidiaries  of the
      international (non-domestic) insurance and reinsurance,  matters ancillary
      thereto and other  business as the board of  directors  of the Company may
      from time to time determine.

      "Closing" has the meaning ascribed thereto in Section 4.

      "Closing Date" has the meaning ascribed thereto in Section 4.

                                       2
<PAGE>

      "Common  Shares"  means the common shares in the capital of the Company as
      from time to time constituted.

      "Company" means Strategy Holding Company Limited Section 4.

      "Control" a body  Corporate is controlled by a person if any shares of the
      body corporate  carrying  voting rights  sufficient to elect a majority of
      the directors of the body corporate, except by way of security only, held,
      directly or indirectly, by or on behalf of that person.

      "Fair  Market  Value" of any  property at any date means the highest  cash
      price in terms of money which would be obtainable  for that property as at
      that  date in an open and  unrestricted  market  without  compulsion  to a
      willing and knowledgeable  purchaser acting at arm's length, as determined
      by the auditors of the Company  having regard to such,  considerations  as
      may in their sole and unfettered discretion be considered relevant.

      "Government  Body" means any  domestic or foreign  legislative  executive,
      judicial or  administrative  body or Person  having or  purporting to have
      jurisdiction in relevant circumstances.

      "Laws" means all statutes, codes, ordinances, decrees, rules, regulations,
      municipal by-laws; all judicial,  arbitral,  administrative,  ministerial,
      departmental  or  regulatory  judgments,  orders,  decisions,  rulings  or
      awards,  policies,   published  guidelines;   or  any  provisions  of  the
      foregoing,  including  general  principles  of  common  and  civil law and
      equity,  binding on or affecting the person  referred to in the context in
      which such word is used; and "Law" means any one of them.

      "Mortgages" means the fixed rate registered  mortgages and charges on Real
      Property  having an estimated  aggregate  Fair Market Value and  Principal
      value of USD$47,670,084.00  each with a minimum remaining term to maturity
      of no less than ten years, all as more particular described on Exhibit "A"
      annexed hereto, and any mortgage substituted for any thereof in accordance
      with the provisions of section 5 hereof.

      "Person"  or  "person"   means  any   individual,   partnership,   limited
      partnership, corporation, joint venture, association, joint stock company,
      trust, unincorporated organization or a government or an agency thereof.

      "Purchased Shares" has the meaning ascribed thereto in Section 2.

      "Real  Property"  means the lands,  premises and buildings  which are from
      time to time the  subject  of the  mortgages  and  charges  created by the
      Mortgages all as more particularly described in Exhibit "B" hereto.

      "Subsidiary"  means  another body  Corporate,  which is  controlled by the
      Company being Strategy Insurance Limited.

IT IS HEREBY AGREED as follows:

2.    SUBSCRIPTION FOR SHARES

                                       3
<PAGE>

2.1   The Subscriber hereby subscribes for and irrevocably  agrees to take up on
      Closing  FOURTY SEVEN  THOUSAND SIX HUNDRED AND SEVENTY  (47,670)  Class A
      Preference  Shares  Series l in the  capital of the  Company,  and tenders
      herewith the  subscription  amount of Forty Seven  Million Six Hundred and
      Seventy   Six   Thousand   and   Eighty   Four   United   States   Dollars
      (USD$47,676,084.00) (the "Subscription Amount") representing USD$1,000 per
      Class A Preference  Shares  Series 1, in full  payment,  of the  aggregate
      subscription price for such shares.

2.2   The Class A-D Preference  Shares Series l and the Common Shares shall have
      attached thereto in substance the rights,  privileges,  restrictions,  and
      conditions set forth on Exhibit "C" hereto.

3.    TENDER AND PAYMENT OF SUBSCRIPTION AMOUNT

3.1   The Subscriber will tender the  Subscription  Amount in full on Closing by
      delivery and  conveyance on Closing to the Company of good and  marketable
      title to the Mortgages,  free and clear of any lien, charge,  encumbrance,
      right or claim of any nature.  The Subscriber  agrees that upon Closing it
      shall deliver to the Company the original registered  duplicate of each of
      the  Mortgages,  together  with a legal  opinion  as to the  title  to and
      ownership and provenance of each Mortgage in form and substance.

3.2   The  Transaction  shall be completed (the "Closing") at the offices of the
      Company's  counsel in Bridgetown,  Barbados,  as soon as practicable after
      and in any event no later than the 6th day of February  2004 or such other
      date as counsel  to the  parties  hereto  may agree in writing  (such date
      being herein referred to as the "Closing Date"),

4.    ISSUE OF SHARES

4.1   In  consideration of the  Subscription  Amount,  the Company pursuant to a
      resolution  of the Board of  Directors,  shall issue to the  Subscriber on
      payment in full,  as set out in Clause 3.1 hereof,  therefor  FOURTY SEVEN
      THOUSAND SIX HUNDRED AND SEVENTY (47,670) Class A Preference Shares Series
      1 in the  capital of the  Company,  such shares to be issued as fully paid
      and  non-assessable,  and as evidence  thereof  the Company  shall issue a
      share certificate representing such shares in the name of the Subscriber.

5.    SUBSCRIBER'S RIGHT OF SUBSTITUTION OF MORTGAGES

5.1   The Company hereby  irrevocably  grants to the Subscriber,  effective upon
      Closing,  [but  only  so  long  as the  Subscriber  or any  subsidiary  or
      affiliate  of the  Subscriber  is the  registered  holder  of any  Class A
      Preference  Shares  Series 1 of the  Company] the option to acquire at any
      time  all or from  time  to time  any of the  Mortgages  then  held by the
      Company or its  Subsidiary,  upon and subject to the  following  terms and
      conditions:

      (a)   The Subscriber  shall have the option,  exercisable at any time upon
            at least  thirty (30) days' prior  written  notice  delivered to the
            Company and the Custodian,  to require the Company or its Subsidiary
            to sell to the  Subscriber  any or all of the Mortgages then held by
            the Company or its Subsidiary for a Purchase price equal to the Fair
            Market Value  thereof as at the date and of such notice,  payable in
            the manner set forth in Sub-Clause  5.1(b)  below,  upon delivery of
            such  notice,  together  with  payment in full,  the  Company or its
            Subsidiary shall deliver to the Subscriber good and marketable title
            to  such   Mortgages   free  and  clear  of  any   liens,   charges,
            encumbrances,  rights or claims of any nature,  the Custodian  shall
            deliver  to the  Subscriber  the  Mortgages  so  purchased  and  the
            proceeds of such sale be released to the Company or its Subscriber.

                                       4
<PAGE>

      (b)   The purchase  price payable under  Sub-clause  5.1(a) above shall be
            payable in immediately  available  funds  denominated in US dollars,
            provided  that  Subscriber  may at its  option,  if so stated in its
            notice of exercise under Sub-clause  5.1(a) above,  elect to pay the
            whole or any part of such  purchase  price  by way of  delivery  and
            conveyance to company of good and marketable  title,  free and clear
            of any lien, charge,  encumbrance,  right or claim of any nature, of
            another mortgage or mortgages:

            (i)   having a Fair Market Value at the time of substitution no less
                  than such purchase price or part thereof;

            (ii)  having a maturity  date within 90 days of the maturity date of
                  the Mortgage being purchased;

            (iii) secured on Real  Property  then having a fair Market  Value no
                  less than the greater of (A) the then Fair Market Value at the
                  time of substitution and (B) the original Fair Market Value as
                  at Closing, of the Real Property subject to the Mortgage being
                  purchased; and

            (iv)  otherwise of a nature,  form and  substance  acceptable to the
                  Company, acting reasonably.

      (c)   Except as otherwise contemplated herein, neither the Company nor its
            Subsidiary shall be entitled to sell, transfer,  assign or otherwise
            dispose  of  (otherwise  than by way of pledge,  charge or  security
            interest)  any  interest to any of the  Mortgages  without the prior
            written consent of the Subscriber.

      (d)   Notwithstanding the foregoing  Sub-clause 5.1(c), the Company or its
            Subsidiary  shall be entitled,  upon delivery to the  Subscriber and
            the  Custodian of at least 15 days' prior  written  notice  together
            with the certificate of the Company's  auditors  confirming that the
            Company or its  Subsidiary  lacks the liquidity  necessary to honour
            any claim or claims  enforceable  against  it and the  amount of any
            such  deficiency,  to sell such one or more of the Mortgages in such
            manner and to such person or persons as may in the discretion of the
            Company's  or its  Subsidiary's  board of  directors be necessary or
            advisable in order to fund such  deficiency  and honour such claims.
            Upon  receipt of such notice and  certificate  the  Custodian  shall
            release to the  Company's or its  Subsidiary's  attorney-at-law  the
            Mortgages to be sold,  to be held in escrow  against  receipt of the
            net sale proceeds  thereof of the Company,  which  proceeds shall be
            released to the Company or its Subsidiary.

                                       5
<PAGE>

      (e)   Notwithstanding  the foregoing  Sub-clause  5.1(d),  the  Subscriber
            shall be entitled  to  participate  in any sale  process on the same
            basis as any other potential purchaser of the Mortgages to be sold.

6.    REPRESENTATIONS AND WARRANTIES OF THE COMPANY

6.1   The Company hereby represents and warrants to the Subscriber as follows:

      (a)   the Company has been duly and validly incorporated and organised and
            is validly existing under the laws of Barbados and has al1 requisite
            corporate  power and  authority  to carry on its  business,  own its
            property and assets and to carry out the  provisions  hereof and has
            full  power  and  capacity  to  execute   deliver  and  perform  its
            obligations under this Agreement and to complete the Transaction.

      (b)   Each  of  this  Agreement  and  other  agreements  entered  into  in
            connection with the Transaction  when executed,  will have been duly
            authorised, executed and delivered on behalf of the Company and will
            be a valid and  binding  obligation  of the Company  enforceable  in
            accordance  with its  terms  subject,  however,  to  limitations  on
            enforcement   imposed  by   bankruptcy,   insolvency,   liquidation,
            reorganisation,  reconstruction and other similar Laws affecting the
            enforcement  of the rights of creditors and others and to the extent
            that Equitable remedies such as specific performance and injunctions
            are only  available in the  discretion  of the court from which they
            are sought.

      (c)   The Company does not have any direct or indirect  ownership or other
            interest  in any  business,  venture  or  endeavour  other  than the
            Business.

      (d)   The  Company,  or a  wholly  owned  subsidiary  thereof,  will be on
            Closing duly qualified or licensed and in good standing as a company
            authorised   to  do  business  in   Barbados,   which  is  the  only
            jurisdiction in which it carries on the Business or where the nature
            of  business  carried  on  or  proposed  to be  carried  on by it or
            requires it to be so licensed or qualified.

      (e)   There are no material  liabilities,  indebtedness  or obligations of
            the  Company  of any kind  whatsoever,  whether or not  absolute  or
            contingent,  other than liabilities  incurred in the ordinary course
            of business since the date of incorporation.

      (f)   Immediately   prior  to  giving  effect  to  the  Transaction,   the
            authorised  capital of the  Company  will on  Closing  consist of an
            unlimited number of shares of one class,  designated  Common Shares;
            an unlimited  number of redeemable  preference  shares of one class,
            designated  Class  A  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class  B  Redeemable  Preference  Shares  Series  1;  an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class C Redeemable  Preference  Shares  Series 1; and an
            unlimited  number of  redeemable  preference  shares  of one  class,
            designated  Class D Redeemable  Preference  Shares Series 1 and only
            One  Thousand   (1000)   Common  Shares  will  be  duly  issued  and
            outstanding as fully paid and non-assessable.

                                       6
<PAGE>

      (g)   At Closing,  all necessary  corporate action will have been taken by
            the Company to authorize  the creation and issuance of the Purchased
            Shares and all of the Purchased Shares will, upon their issuance, be
            validly  issued  as  fully-paid  and   non-assessable   shares.  The
            Purchased  Shares will on Closing be issued in  compliance  with all
            applicable security laws.

      (h)   There is no action,  suit,  proceeding or investigation  (whether or
            not  purportedly  on behalf of the company) which has been commenced
            or, to the  knowledge of the  directors and officers of the Company,
            no action,  proceeding or  investigation  is threatened  against the
            Company before any court or before any Government Body or before any
            arbitrator or board.

      (i)   There is no person, firm, or corporation acting or purporting to act
            for  the  Company  entitled  to any  brokerage  or  finder's  fee in
            connection with this Agreement.

      (j)   Each of the Company's warranties herein shall be true and correct on
            Closing as if made by the Company on and as at that date.

6.2   The  Company  hereby  acknowledges  and  agrees  that  each  of the  above
      representations  and  warranties  is being relied on by the  Subscriber in
      connection  with its decision to enter into this Agreement and to complete
      the  transactions  herein  and  therein  contemplated  and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following closing.

7.    REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBER

7.1   The Company hereby represents and warrants to the Subscriber as follows:

      (a)   The Subscriber is duly  incorporated  and validly existing under the
            laws of Barbados and has all requisite  corporate power and capacity
            to enter and perform its  obligations  under this  Agreement  and to
            complete the Transaction.

      (b)   This Agreement has been duly  authorised,  executed and delivered on
            behalf of the  Subscriber  and is a valid and binding  obligation of
            the Subscriber, enforceable in accordance with its respective terms,
            subject  to  the  usual   exceptions  as  to   bankruptcy   and  the
            availability of equitable remedies.

      (c)   The execution and delivery of this Agreement, and the performance of
            the  Subscriber's  obligations  hereunder or the consummation of the
            transactions  herein provided for will not result in or constitute a
            breach of any term or  provision  of, or  constitute a breach of any
            term or provision of, or constitute a default under,  the constating
            documents, Articles of Incorporation or By-laws of the Subscriber or
            any  agreement  to which the  Subscriber  is a party or by which the
            Subscriber is bound.

      (d)   The  Subscriber is or will,  subject to the  provisions  hereof,  be
            purchasing the Purchased Shares for its own account,  for investment
            purposes  and  not  with a view  to the  distribution  thereof.  The
            Subscriber will not directly or indirectly,  offer, transfer,  sell,
            assign,  pledge,  hypothecate or otherwise  dispose of any Purchased
            Shares (or solicit any offers to buy,  purchase or otherwise acquire
            any of such Purchased  Shares)  acquired by it, except in compliance
            with the Articles and all applicable securities Laws.

                                       7
<PAGE>

      (e)   The Subscriber understands that the transfer of the Purchased Shares
            acquired by it pursuant hereto shall be subject to the  restrictions
            imposed by the Articles or applicable  securities  Laws and may bear
            restrictive legends describing such restrictions.

      (f)   The Subscriber is the sole and exclusive  beneficial  owner of right
            of the mortgages,  with good and  marketable  title thereto free and
            clear of any liens, charges,  encumbrances,  rights or claims of any
            nature.

      (g)   The Mortgages  constitute  valid and  enforceable  first  registered
            mortgages and charges against all Real Property, subject to no prior
            registered charges.

      (h)   The Subscriber's decision to execute this Agreement and purchase the
            Purchased  Shares  has not been  based  upon any  verbal or  written
            representations  as to fact or otherwise made by or on behalf of the
            Company other than those contained in this Agreement.

      (i)   The Subscriber acknowledges that no Prospectus has been filed by the
            Company  with  any  securities   commission  or  similar  regulatory
            authority in any  jurisdiction  in  connection  with the sale of the
            Purchased  Shares  and  as  a  result  (i)  the  Subscriber  may  be
            restricted  from using most of the civil remedies  under  applicable
            securities  Laws,  (ii) the Subscriber  may not receive  information
            that  would  otherwise  be  required  to be  provided  to  it  under
            applicable  securities  Laws,  and (iii) the Company may be relieved
            from certain obligations that would otherwise apply under applicable
            securities Laws.

      (j)   The  Subscriber  acknowledges  that the  investment in the Purchased
            Shares  may have tax and/or  other  consequences  to the  Subscriber
            under applicable  Laws,  which the Subscriber is solely  responsible
            for  determining  and in  respect  of  which no  assistance  will be
            provided  by the Company or its  advisors,  and the  Subscriber  has
            obtained its own legal and tax advice.

      (k)   There is no person,  firm or corporation acting or purporting to act
            for the  Subscriber  entitled to any  brokerage  or finder's  fee in
            connection with this Agreement.

      (l)   The  aggregate  Fair Market  Value of the Real  Property  will be at
            Closing no less than [100%] of the aggregate to Fair Market Value of
            the Mortgages on that date.

      (m)   Each of the Subscriber's warranties herein shall be true and correct
            on Closing as if made by the Subscriber on and as that date.

                                       8
<PAGE>

7.2   The  Subscriber  hereby  acknowledges  and  agrees  that each of the above
      representations  and warranties is being relied on by the Company  without
      independent  inquiry  in  connection  with  the  issue  and  sale  to  the
      Subscriber  of the  Purchased  Shares  acquired  by it and that  each such
      representation  and warranty  shall not merge in or be prejudiced  by, and
      shall survive and continue in full force and effect following Closing.

8.    COVENANTS OF THE COMPANY

8.1   The Company shall maintain its corporate existence,  rights and franchises
      in full force and effect.

8.2   The Company shall comply with all  applicable  Laws,  non-compliance  with
      which  could  materially  adversely  affect  its  business  or  condition,
      financial or otherwise.

8.3   The Company shall make all dividend payments on all, Classes and Series of
      the Preference Shares, as they become due and payable.

9.    DIVIDEND PAYMENTS

9.1   In the event that any dividend  payments that are due and payable,  on the
      Class A  Preference  Shares  Series 1 shares,  are not paid,  the  Company
      shall, at the option of the Subscriber,  immediately pay the equivalent of
      the six (6) months anticipated dividend to the Subscriber.

10.   GENERAL

10.1  Governing Law. This Agreement is a Barbados  contract governed by the laws
      of Barbados.  Both parties hereby  irrevocably attorn to the non-exclusive
      jurisdiction of the courts of Barbados.

10.2  Time of the Essence. Time shall be of the essence hereof.

      Currency.  All  references  herein to monetary  amounts are  references to
      lawful money of the United States of America.

10.3  Entire  Agreement.  This Agreement and the other  agreements  contemplated
      herein  constitute the only agreement  between the parties with respect to
      the  subject  matter  hereof  and  shall   supersede  any  and  all  prior
      negotiations and understandings.

10.4  Amendments. This Agreement may be amended, modified or supplemented in any
      respect by written instrument only signed by each party hereto.

10.5  Execution by Facsimile.  This Agreement may be executed by the parties and
      transmitted by facsimile transmission,  and if so executed and transmitted
      this Agreement will be for all purposes as effective as if the parties had
      delivered executed original agreement.

                                       9
<PAGE>

10.6  Counterparts.  This Agreement may be executed in several counterparts each
      of which when so executed shall be deemed to be an original and such shall
      constitute one and the same instrument.

10.7  Severability.   Any  Section,  paragraph  or  other  subdivision  of  this
      Agreement or any Provision of this  Agreement  which is or becomes,  or is
      determined by an  arbitrator,  as provided for in section 10.8,  hereto or
      court of competent  jurisdiction to be, illegal,  invalid or unenforceable
      shall be severed  from this  Agreement  and be  effective to the extent of
      such illegality,  invalidity or  unenforceability  and shall not affect or
      impair the remaining provisions hereof.

10.8  In the event of any dispute  between any of the Parties hereto arising out
      of this Agreement,  the matter in dispute shall be referred to arbitration
      in  accordance  with this  Section  10.8 and a Party may make a demand for
      arbitration  by written  notice to the other Party  stating the matter and
      amount,  if any, in dispute.  The matter in dispute shall be referred to a
      panel  of three  (3)  arbitrators  (the  "Arbitrators")  agreed  to by the
      parties and arbitration  proceedings shall be conducted in accordance with
      the Arbitration Act, Cap. 110 of the laws of Barbados.

10.9  Waiver.  No waiver of any of the  provisions  of this  Agreement  shall be
      deemed  to  constitute  a waiver of any other  provision  (whether  or not
      similar),  nor shall such waiver  constitute a waiver or continuing waiver
      unless otherwise  expressly provided in writing duly executed by the party
      to be bound thereby.

10.10 Assignment  and  Enurement.   This  Agreement  is  not   transferable   or
      assignable.  This  Agreement  shall enure to the benefit of and be binding
      upon the parties, their successors and permitted assigns.

10.11 Non-Merger  of Agreement.  The rights and  obligations  of this  Agreement
      shall not merge on the consummation of the Agreement, but shall be binding
      on the  parties  until  such time as the  Subscriber,  his  successors  or
      permitted assigns ceases to be a Shareholder of the Company.

10.12 Further Assurances.  Each of the parties covenants and agrees that it will
      sign such further agreements,  assurances,  waivers and documents,  and do
      and perform or cause to be done and performed  such further and other acts
      and things as may be necessary or desirable  from time to time in order to
      give full effect to this Agreement and every part hereof.

10.13 Notice.  Any notice  required or permitted  to be given or made  hereunder
      shall be given in writing and shall be  effectively  given or made if sent
      by  electronic  facsimile or  personally  delivered  to any party  hereto,
      except the Company, at its last address as set forth in the records of the
      Company,  and if to the Company,  at its then registered  office,  in each
      case to the attention of the President.  If delivered personally or by way
      of  electronic  facsimile,  any such  notice  shall be deemed to have been
      given or made on the date of such delivery or transmission.  Any party may
      change its address for service by giving  notice of such change of address
      to the Company and the other parties hereto in the manner herein provided.

                                       10
<PAGE>

This Agreement is signed and executed by the respective  Parties in counterpart;
each counterpart is to be read as an original document and all such counterparts
are to be deemed as representing the same document.

A telecopied  transmission  of this Agreement by any person named below shall be
sufficient  to  establish  the  signature of that person and to  constitute  the
authority in writing of such person to the foregoing resolution.

If the  foregoing  is in  accordance  with your  understanding,  please sign and
return the enclosed  Agreement as soon as possible to evidence the  Subscriber's
agreement to purchase the Purchased Shares.

IN WITNESS  WHEREOF,  the parties have executed this Agreement on the date first
before written.

SIGNED BY FOR AND ON BEHALF OF
GARADAN INC. IN THE PRESENCE OF:
                                                     /s/ J. Gordon Murphy
                                                     ---------------------------
                                                     Name:  Dr. J. Gordon Murphy
                                                     Title: Director
Witness:    /s/ Kezsha N. Hyde
            ------------------
Name:       Kezsha N. Hyde
            --------------
Address:    Apt. #3, Pilgrim Road, Christ Church
            ------------------------------------
Calling/Description: Attorney-At-Law
                     ---------------

SIGNED BY FOR AND ON BEHALF OF
STRATEGY HOLDING COMPANY
LIMITED. IN THE PRESENCE:
                                                   ----------------------------

<TABLE>
<CAPTION>
Witness:    /s/ Kezsha N. Hyde
            ------------------
<S>        <C>                                      <C>
Name:       Kezha N. Hyde                            /s/ Trevor A. Carmichael
            ---------------------------------------  -------------------------
Address:    Apt. #3, Pilgrim Road, Christ Church     Name:   Dr. Trevor A. Carmichael
            ---------------------------------------
Calling/Description: Attorney-At-Law                 Title:   Director
                     ---------------
</TABLE>

                                       11
<PAGE>

                                    EXHIBIT A

                            DESCRIPTION OF MORTGAGES

                                [to be inserted]

                                       12
<PAGE>

                                    EXHIBIT B

                          DESCRIPTION OF REAL PROPERTY

                                [to be inserted]

                                       13
<PAGE>

                                    EXHIBIT C

                                SHARE ATTRIBUTES

PREFERENCE SHARES Each   Series  of   Preferred   Shares   shall  have  attached
                  thereto  the following  rights,  privileges,  restrictions and
                  conditions:

                  (a)   Each Series of Preferred Shares shall rank pari passu in
                        all respects.

                  (b)   The Redeemable  Preferred Shares shall bear a cumulative
                        preferential  dividend equal to 10% per annum of the par
                        value  thereof,  payable  quarterly on the last business
                        day of each calendar quarter, in preference and priority
                        to any payment of  dividends to the holders of any other
                        class of shares in the capital of the Company in respect
                        of that quarter, but the holders of the Preferred shares
                        shall  have no  further  right  to  dividends.  The said
                        preferential  dividend shall accrue from January 1, 2004
                        and the first payment of such dividend  shall be payable
                        on April 1, 2004.

                  (c)   The Preferred  Shares shall be  retractable  in whole or
                        part at the  option  of the  holder  at any  time by the
                        shareholder and is mandatory after the tenth anniversary
                        of the Closing  Date upon at least  fifteen (15) working
                        days prior  written  notice at the  redemption  price of
                        US$1,000 per  preferred  share,  plus accrued and unpaid
                        cumulative preferential dividends.

                  (d)   The  Preferred  Shares  shall  rank in  priority  to the
                        shares of all  classes in the  capital of the Company as
                        to  the   return  of  capital   upon  the   liquidation,
                        dissolution  or other  winding-up  of the  Company,  but
                        thereafter  the holders of the  Preferred  Shares  shall
                        have no further  right to  participate  in the assets of
                        the Company.

                  (e)   In the case of any redemption or retraction of Preferred
                        Shares,   or  the  liquidation,   dissolution  or  other
                        winding-up of the Company, the Company may at its option
                        pay the whole or any part of the  amount  payable to any
                        one or more  holders  of the  Preferred  Shares  in such
                        event  by way of the  delivery  and  conveyance  to such
                        holders of good and marketable  title to Property having
                        aggregate  Fair Market  Value  equal to or greater  than
                        such amount or part  thereof.  For the  purposes  hereof
                        "Property"  means  property  then  owned by the  Company
                        which was  acquired by the Company in  consideration  of
                        the issuance of any Preferred Shares of the Series being
                        redeemed or repurchased,  or any property of the Company
                        received  by  the  Company  pursuant  to  any  right  of
                        substitution of property  exercised by the party to whom
                        any such shares were issued.

                                       14
<PAGE>

                  (f)   The Preferred Shares shall be non-voting in all events.

                  (g)   The Preferred Shares shall be  non-transferable  without
                        the prior written consent of the Company,  which consent
                        may be  arbitrarily  consented or denied,  provided that
                        the Preferred Shares may be transferred to Subsidiary or
                        an Affiliate of the Subscriber upon prior written notice
                        of the Company.

COMMON SHARES:

                  (a)   Subject  to  the  prior  rights  of the  holders  of the
                        Preferred Shares, the holders of the Common Shares shall
                        have the  right to  receive  dividends,  if any,  as the
                        directors  in their  discretion  may  from  time to time
                        declare.

                  (b)   Subject  to  the  prior  rights  of the  holders  of the
                        Preferred Shares, the holders of the Common Shares shall
                        have  the  right  on  the  liquidation,  dissolution  or
                        winding-up of the Company or other  distribution  of its
                        assets  among  its   shareholders  for  the  purpose  of
                        winding-up  its affairs to receive the remaining  assets
                        of the Company.

                  (c)   The  Holders of the Common  Shares  shall be entitled to
                        receive   notice  of  and  to  attend  all  meetings  of
                        shareholders  of the  company  and to vote  at any  such
                        meeting  on the basis of one vote of each  Common  Share
                        held.

                                       15
<PAGE>

                  (d)   The Common Shares shall be in registered  form and shall
                        be  transferable  upon the prior written  consent of the
                        Company,  which consent may not be unreasonably withheld
                        or delayed.

                  (e)   In the event that the holders of at least  two-thirds of
                        Common  Shares  then  outstanding   shall  at  any  time
                        hereafter  receive from a third party  dealings at arm's
                        length with each holder of Common Shares an  irrevocable
                        bona fide offer to purchase  all, but not less than all,
                        of the  outstanding  Common  Shares of the Company for a
                        purchase  price  payable in cash or by way of shares the
                        purchaser  of a class listed for trading on a recognized
                        North American stock  exchange,  which offer they desire
                        to accept,  then all holders of Common  Shares  shall be
                        immediately  provided  with a complete and accurate copy
                        of that offer and all holders of Common  Shares shall be
                        obliged to accept and shall sell their Common  Shares to
                        the  third  party in  accordance  with the terms of that
                        offer.

                                       16

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