US Company’s Unsolicited Interest In Ascendant
In a filing with the Bermuda Stock Exchange, Ascendant Group – the parent company of BELCO — gave notice of an “unsolicited, highly conditional, expression of interest” from US-based Twenty First Century Utilities.
The full filing stated: “Ascendant Group Limited has received an unsolicited, highly conditional, expression of interest from Twenty First Century Utilities LLC [the ‘Letter’].
“Ascendant’s Board of Directors considered the Letter and, having taken appropriate legal and financial advice, unanimously determined not to pursue the Letter further, and that it is in the best interests of Bermuda and Ascendant’s customers, shareholders and employees, to continue to execute on its existing Strategy, which includes:
- Implementation of BELCO’s Capital Plan initiatives including construction of the North Power Station and Battery Energy Storage System; completion of the transmission and distribution upgrades and implementation of the advanced metering infrastructure;
- Reducing overall costs to our customers through identified improvements in productivity and efficiency;
- Securing cost effective debt financing to fund the implementation of the Capital Plan;
- Continuing to participate as a key stakeholder in the establishment of the required regulatory framework for the electricity sector, which includes the rate methodology and the Integrated Resource Plan; and
- Growing Ascendant’s unregulated businesses.”
