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Ascendant Group Limited Evaluating Strategic Alternatives

28 January 2019

Hamilton, Bermuda – 28 January 2019 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited (the "Ascendant Group" or “Company”; Ticker: AGL.BH) announced that the Board of Directors has begun a process of evaluating strategic alternatives.  The full filing stated:

 

The Board of Directors of Ascendant Group Limited (the “Company” or “Ascendant”) today announced that it has begun a process of evaluating strategic alternatives, including the potential sale of Ascendant Group Limited.

 

The Company understands that its responsibility is to a broad group of stakeholders, including shareholders, customers, employees, and regulators. Each of these stakeholders brings to bear on the Company a wide range of perspectives and expectations. Furthermore, the industry in which we operate is facing unprecedented change, and—with change—we must have the ability to explore and leverage new opportunities for the betterment of Bermuda.

 

For our shareholders we are pleased that we have increased the Company’s share price from $5 to $17 over the last 5 years. The market value remains well under book value.

 

We know our Bermuda Electric Light Company Limited’s (“BELCO”) customers want lower rates and we are actively focused on reducing these through finding efficiencies in how we operate every aspect of our company.

 

We have laid the groundwork for Bermuda’s energy future with flexibility at the forefront, so the island can pursue any energy mix that is appropriate. Current infrastructure improvements to the electricity system include replacement generators that will ensure a cost effective, reliable supply of energy for the foreseeable future, irrespective of any additional generation sources. Through the commitment and hard work of our employees, we are modernising the grid and installing advanced metering infrastructure island wide so that Bermuda can pursue the most advanced energy technology in the future.

 

We are also mindful of the needs of our employees. As we strive to become more efficient, we are committed to balancing the needs of employees against the need to reduce electricity prices for our customers.

 

With respect to regulation, the mandate is to lower rates through increased competition in electricity generation, as well as to ensure renewables play a larger role in the island’s energy mix. Renewable energy is the future, but there is currently a gap between that future and today’s need for reliable and affordable energy.

 

Among the range of alternatives we see ahead, the Company, with the assistance of its financial advisor Guggenheim Securities LLC, is exploring the potential benefits that a new owner of Ascendant can bring to Bermuda — including greater access to capital for domestic investment and the infrastructure development expertise necessary to accelerate the next phase of BELCO’s evolution.

 

We remain enthusiastic about the future prospects of Ascendant, to the benefit of all of our stakeholders.

 

 

 

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About Ascendant Group Limited

Ascendant Group Limited is a Bermuda-based, publicly traded holding company that through its subsidiaries provides energy and energy-related services.  Ascendant Group Limited (AGL.BH) is listed on the Bermuda Stock Exchange (BSX) and is the parent company of Bermuda Electric Light Company Limited (BELCO), and AG Holdings Limited, which includes AIRCARE LTD., IFM Limited, iEPC Limited and Ascendant Properties Limited.  For further information about Ascendant Group Limited, visit www.ascendant.bm.

 

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