RA Grants Approval For Ascendant/BELCO Sale

October 5, 2020 | 6 Comments

[Updated] Ascendant Group Limited’s trading has been “suspended pending an announcement from the company.”

“At the request of Ascendant Group Limited, the BSX has suspended trading in Ascendant Group Limited’s common shares pending an announcement from the Company,” the BSX said.

Often when this happens it means a major announcement is pending, so we will update if able if that occurs.

Update 5.34pm: In a filing with the Bermuda Stock Exchange [BSX], Ascendant Group Limited announced they have  received approval from the RA.

The full filing stated: “A spokesperson for Ascendant Group Limited [Ascendant] stated that Ascendant has received approval from the Regulatory Authority [RA] for the change in control of Bermuda Electric Light Company Limited as a necessary step to complete the sale of Ascendant to Algonquin Power & Utilities Corp. [Algonquin]. The sale remains subject to the receipt of further approvals.

“Once all approvals are granted, final matters are expected to be completed within the coming weeks. The Bermuda Stock Exchange has been advised of the approval from the RA and the trading in Ascendant shares has been suspended.

“Ascendant’s Board of Directors is confident that the sale to Algonquin will ensure its customers and Bermuda are well served with reliable power generation that will be cleaner, more efficient and more cost-effective. Algonquin will bring the knowledge, experience and capital necessary to carry Ascendant into the future and this will benefit all stakeholders – employees, customers, and shareholders.”

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Comments (6)

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  1. Pulling out says:

    The BELCO deal is a dead stick! Well done PLP!

    • Deadline says:

      The deadline for decision on purchase was yesterday! Bad news on the way Bermuda! The PLP winning the election is going to make these investors very nervous resulting in pennies on the dollar offer or a pull out! Well done PLP (not)!

  2. Joe Bloggs says:

    “A spokesperson for Ascendant Group Limited [Ascendant] stated that Ascendant has received approval from the Regulatory Authority [RA] for the change in control of Bermuda Electric Light Company Limited as a necessary step to complete the sale of Ascendant to Algonquin Power & Utilities Corp. [Algonquin]. The sale remains subject to the receipt of further approvals.”

    Good publicity for Ascendant Group, but the PLP Government said months ago that it would not allow the sale to go through and I have not heard anything about the PLP Government changing its mind

  3. Meh says:

    The hypocrisy is truly mind boggling. How do you campaign against ‘giving away’ the airport and then sell BELCO?

    • sandgrownan says:

      It’s not the governments to sell, it’s a regulated, privately owned entity.

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