Ascendant Group Shareholders Approve Sale

August 9, 2019 | 5 Comments

The shareholders of Ascendant Group — the parent company of BELCO — today approved the sale of the Company to Algonquin Power & Utilities Corp.

A spokesperson said, “Ascendant Group Limited, a publicly traded provider of energy and energy-related services, today announced that at the special general meeting of the shareholders of the Company held earlier today, shareholders [approved] the sale of the Company by means of an amalgamation of Ascendant with Bermuda Sustainability Acquisition Ltd, an affiliate of Algonquin Power & Utilities Corp. The required approval of two-thirds of the total issued and outstanding shares of the Company was exceeded.

Peter Durhager, Chairman of the Ascendant Board of Directors said: “Ascendant’s shareholders today overwhelmingly approved the sale of Ascendant to Algonquin.”

Ian Robertson, Chief Executive Officer of Algonquin said: “We are very pleased that the acquisition of Ascendant by Algonquin has received such strong support. We look forward to developing deep relationships with employees, customers and the Bermuda community and look forward to being a part of the exciting future for Bermuda Electric Light Company Limited and Ascendant’s non-regulated businesses.”

The sale remains subject to regulatory and governmental approvals.

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Comments (5)

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  1. Joe Bloggs says:

    “The sale remains subject to regulatory and governmental approvals.”

    The RA should not be a problem. The PLP Government, however, has already signaled its hostility to the proposed sale. I hope this will not be another case where the PLP Government appeals to the Privy Council to fulfil its political manifesto even though its case is bad in law.

  2. JohnnyB says:

    OOOOO CAAAANNNAADAAAAAAAA

  3. ROBERT STEWART says:

    good news for Bermuda, and for Ascendant shareholders.

  4. aceboy says:

    Justin Trudeau and his family will show up soon in full Gombey regalia. After the invasion is completed!

  5. John says:

    Nice. The rich get richer. The more the green team continues to sink Bermuda just means foreigners, rich people and the banks will just outright own this island. The slow train wreck continues. I love it. This is the inevitable and best scenario for this island at this point. Keep it up so we might have a chance. Money runs things in this modern world, not politics. And by the way, we need to make sure us bermudians keep going to work every day to ship that $600,000 a day off the island to the foreign investors of our debt. Well done.

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