In a filing to the Bermuda Stock Exchange, the Ascendant Group Limited gave notice of the Company’s intent, effective 22 October, 2012, to seek relief from the 60/40 rule.
The Companies Act was recently amended to allow for companies fitting certain criteria to apply for Government’s permission to have over 40% of their shares foreign owned.
Ascendant Group Limited is the parent Company of operating companies Bermuda Electric Light Company Limited (BELCO), AG Holdings Limited, Bermuda Gas & Utility Company Limited, PureNERGY Renewables Ltd., and inVenture Limited, as well as BELCO Properties Limited and BTS Limited.
In a letter to the Government of Bermuda’s Minister of Business Development and Tourism, the Company stated: “In accordance with subsection 113(8) of the Companies Act 1981, Ascendant Group Limited, whose registered office is located at 27 Serpentine Road, Hamilton HM 07, Bermuda, hereby gives notice of its intention with effect from October 22, 2012, to rely on the provisions of section 113(1)(cd)(i) of the Companies Act 1981 and to carry on business in reliance upon the provisions of section 114(1)(e) of the said Act. As such, Ascendant Group Limited hereby notifies the Minister that its shares are listed on the Bermuda Stock Exchange and that it is engaged as a business in a material way in the energy industry.”
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