ESTU Meets With Board Of Ascendant Group

January 29, 2019 | 9 Comments

The announcement that Ascendant is evaluating a potential sale of the company has “raised concerns about the future of the company and our members,” the Electricity Supply Trade Union said today, adding that they have met with the Ascendant Board and plan to further discuss the matter at a meeting today.

This follows after the board of the Ascendant Group — the parent company of BELCO — said they are “evaluating strategic alternatives, including the potential sale of Ascendant Group Limited.”

A spokesperson said, “On behalf of the Electricity Supply Trade Union, we the Executive, met with members of the Board of Ascendant and the President of BELCO just ahead of today’s press release.

“This announcement, of course, has raised concerns about the future of the company and our members. The ESTU represent three bargaining units under the Ascendant umbrella; the industrial and salaried units in BELCO and our team in the IFM ranks.

“BELCO Management met with our colleagues, unionized and not, throughout the yesterday. The ESTU had previously scheduled a general body meeting, for Tuesday, January 29th, to discuss topics of importance, one being the progress of industrial unit negotiations.

Yesterday’s revelation will be added to the agenda to ensure that any questions from the floor are presented to the management of Ascendant.”

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  1. question says:

    This is what happens when you try to prevent a company from managing itself properly.

    • Black Soil says:

      Ironic that a PLP govt is going to watch BELCO sold off to foreigners. I encourage everyone to study who owns BELCO stock. Study who gains to profit!!

  2. Joe Bloggs says:

    This is the perfect opportunity for the ESTU and others to show their solidarity and belief in Bermuda and make an offer for Ascendant.

  3. Eyes Wide Shut says:

    This will be very interesting for the unions.
    Any agreement they have with company A will not necessarily be honored by company B..

    Can’t hold the county hostage with that card anymore..

  4. Ge back to work says:

    Hah, union wanna act all tuff when ascendant tries to manage but now cry like babies when the company may be sold. I don’t blame ascendant from wanting to get out. The union make it impossible to run a company. Good luck to whatever company buys ascendant. You are in for a rude awakening, union is a bunch of bs cry babies who take advantage of the system. It’s time for the union to go.

  5. Coffee says:

    The day’s of the Forty Theives will just about end with the sale of BELCO , it’s been a long time coming . Well done BIU .

  6. Ain’t Happening says:

    Big problem for the plp. Big problem. No choice but to buy it and nationalize it. Local ownership sucked it up for decades. They see the writing on the wall and want out. Foreign company buys and then everyone will have to play nice. Can’t p.o. an offshore owner with resources. So in order to pander the plp needs to find hundreds of millions to nationalize Belco. Curtis can do a utility bond offering.

  7. Dear ESTU says:

    You have yourselves to thank.

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