Ascendant Announces Share Buyback Program
In a filing with the Bermuda Stock Exchange, Ascendant Group Limited announced a Share Buyback Program.
The filing stated, “The Board of Directors of Ascendant Group Limited have authorized using a portion of the proceeds from the sale of Bermuda Gas to repurchase up to 1.5 million Ascendant Group Limited shares through an open market program. The authorized repurchase represents approximately 14.1% of Ascendant’s total outstanding shares.
“The initial duration of the repurchase program is one year and the Company may commence repurchases made pursuant to this program from May 19, 2016.”
Ascendant President and Chief Executive Officer Walter Higgins said, “Due to a lack of liquidity in the local market, the market value of Ascendant shares has eroded over many years.
“The sale of Bermuda Gas is a major change to our business and the Board of Directors agreed that it is appropriate to return a portion of the value derived from the sale of Bermuda Gas back to our shareholders, while reserving a portion of the proceeds for future capital investment.”
Ascendant Group Limited is a Bermuda-based publicly traded holding company that provides energy and infrastructure solutions. Ascendant Group Limited [AGL.BH] is listed on the Bermuda Stock Exchange [BSX].
