Ascendant Invite Groups To Submit Proposal

April 1, 2019 | 0 Comments

[Updated] “At the request of Ascendant Group Limited, the Bermuda Stock Exchange [BSX] has suspended trading of Ascendant’s common shares pending an announcement by the Company,” the BSX stated this morning [April 1].

Last time the BSX suspended trading of Ascendant shares, back in January, Ascendant — the parent company of BELCO — then confirmed they were “evaluating strategic alternatives, including the potential sale of Ascendant Group Limited.”

What the impending announcement will be is unclear at this time, however we have requested further information and will update as able.

Update 3.17pm: The Ascendant board said they have “decided to invite a select group of globally-respected firms to each submit a definitive proposal to purchase the Company.”

The company said, “The Board of Directors of Ascendant Group Limited  today gave an update on the status of its strategic alternatives review which commenced in January and included consideration of the potential sale of the Company.

“The Board, with the assistance of its financial advisor Guggenheim Securities LLC, following a robust assessment process, has decided to invite a select group of globally-respected firms to each submit a definitive proposal to purchase the Company. The Board is impressed with the number and quality of firms that have expressed an interest in Ascendant.

“Through these proposals, the Board will seek access to the capital resources, operational knowledge and technological innovation necessary to advance the Company’s efforts to reduce the cost of electricity and meet future challenges that will benefit the community as a whole.

“Whatever strategic option is pursued, the Board will fully consider the interests of the Company’s customers, employees, shareholders, and the community. Whether the Board ultimately recommends the sale of Ascendant will be dependent on the outcome of the process.

“We will continue to work cooperatively with all stakeholders, including our regulators, throughout this process to ensure the best outcome for Bermuda. The Company further announces the suspension of its share repurchase programme.”

Update April 2, 8.56am: The BSX said, “The Bermuda Stock Exchange has ended the voluntary suspension, with immediate effect, of the trading of the common shares of Ascendant Group Limited”

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