Hashtag: #AscendantSale
Sale Of Ascendant Group Is Now Completed
[Updated] The sale of Ascendant Group – the parent company of BELCO — has now been completed, the company confirmed today. An Ascendant spokesperson said, “The sale of Ascendant Group Limited [Ascendant] to Algonquin Power & Utilities Corp. [Algonquin] has now been completed. “Ascendant’s existing Bermudian management... Read more of this article
Sale Of Ascendant Group/BELCO Approved
Ascendant Group Limited said they “welcomed the approvals of the Regulatory Authority [RA] and Minister of Finance as necessary steps in completing the sale of Ascendant to Algonquin Power & Utilities Corp.” Ascendant Chairman Peter Durhager said: “This is welcome news and could not come at a more critical time for Bermuda. With the... Read more of this article
Minister On Energy & Potential Sale Of BELCO
Minister of Home Affairs Walter Roban held a press conference to provide an update on renewable energy initiatives and the potential sale of Ascendant, which is the parent company of BELCO. Minister Roban said, “During the recent election, there seemed to be a significant emphasis on renewable energy and a cleaner environment. I thought it important... Read more of this article
RA Grants Approval For Ascendant/BELCO Sale
[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... Read more of this article
Column: Transfer Of BELCO To Foreign Owners
[Opinion column written by Sir John Swan & Michael Murphy] The decision on whether Algonquin Power Utilities Company [Algonquin] is acceptable to the Bermuda people as the 100% foreign owner determining our future fate with respect to the control of our most important utility could not be approaching at a more troubled uncertain economic time in... Read more of this article
RA Invite Comment On Proposed BELCO Sale
The Regulatory Authority [RA] is inviting the public and other interested parties to comment on the proposed purchase of BELCO by Algonquin Power. A spokesperson said, “The Regulatory Authority is inviting the public and other interested parties to comment on the proposed ‘Change of Control’, a proposed transaction concerning the acquisition of... Read more of this article
Timeline For Ascendant Sale Decision Extended
The Minister of Home Affairs has extended the statutory timeline for a final decision on the application for Algonquin to purchase the Ascendant Group to October 4th, 2020. A spokesperson said, “On 3 June 2019 Ascendant Group Limited signed an agreement with Algonquin Power & Utilities Corp. for Algonquin to purchase the Company for $36 per... Read more of this article
Column: “Committed To Investing In The Island”
[Opinion column written by Algonquin CEO Ian Robertson] When Algonquin Power & Utilities Corp. [Algonquin] was founded in 1988 to develop and own generating stations in mostly remote regions of Canada, it was imperative to build and maintain strong relationships with the communities in which we operate, primarily through job creation, excellent... Read more of this article
Conyers Advise Algonquin Regarding Ascendant
Law firm Conyers advised Algonquin Power & Utilities Corp. [APUC] in the acquisition of all of Ascendant Group Limited’s issued and outstanding shares. “Under the terms of the all-cash transaction, which has been approved by the board of directors of each company and by the shareholders of Ascendant, Ascendant’s shareholders will receive... Read more of this article
Ascendant Group Shareholders Approve Sale
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... Read more of this article
Minister On Electricity Amendment Act 2019
[Updated with PDF] Speaking in the House of Assembly today [June 7], Minister of Home Affairs Walter Roban said he will table a Bill entitled the ‘Electricity Amendment Act 2019.’ “Quite coincidentally, we were working on this amendment to the Electricity Act 2016 to assure the proper regulation of the electricity sector when the... Read more of this article
Algonquin Releases ‘Acquisition Fact Sheet’
With Ascendant Group Limited having signed an agreement with Algonquin Power & Utilities Corp to “sell the Company subject to shareholder and regulatory approvals,” an ‘acquisition fact sheet’ has been released by the Canadian company highlighting its position and intentions regarding the sale. Bloomberg video interview with Algonquin... Read more of this article
ESTU To Meet Regarding Ascendant Sale
The Electricity Supply Trade Union [ESTU] will meet with their members to discuss the planned sale of the Ascendant Group, with the ESTU President noting there is “considerable tension around this announcement, and we will look to make sure our members can voice their queries.” Agreement To Sell Ascendant To Canadian Company For $365 Million Yesterday,... Read more of this article
RA To “Evaluate” Proposed Sale Of BELCO
[Updated] The Regulatory Authority of Bermuda said they “will evaluate the proposed change of control of BELCO in accordance with the provisions of applicable legislation and any Ministerial directions.” This follows after Ascendant, the parent company of BELCO, confirmed that they signed an agreement with Algonquin Power & Utilities... Read more of this article
Ascendant Sign Agreement To Sell Company
[Updated: Ascendant, the parent company of BELCO, confirmed they have signed an agreement with Algonquin Power & Utilities Corp to “sell the Company subject to shareholder and regulatory approvals," while a statement from Algonquin — which lists its head office in Ontario, Canada — said that under the terms of the all-cash transaction, "Ascendant’s... Read more of this article
Ascendant Invite Groups To Submit Proposal
[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... Read more of this article
