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Update on the acquisition of Ascendant Group Limited by Algonquin Power & Utilities Corp.

Hamilton, Bermuda – 10 February 2020 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited’s (the "Ascendant Group" or “Company”; Ticker: AGL.BH) today filed an update on the acquisition of Ascendant Group Limited by Algonquin Power & Utilities Corp..  The full filing stated:

 

 

News

                                                                                                                          Contact: Magnus Henagulph

For Immediate Release                                              mhenagulph@ascendant.bm

                                                                                                                          298.6177/325.1220

 

Hamilton, Bermuda (10 February 2020)

 

On 3 June 2019 Ascendant Group Limited (“Ascendant” or “Company”) signed an agreement with Algonquin Power & Utilities Corp. (“Algonquin”) for Algonquin to purchase the Company for $36 per share (“Sale”), subject to shareholder and regulatory approvals.

 

A special general meeting of the Company’s shareholders was held on 9 August 2019 and the required approval for the Sale, two-thirds of the total issued and outstanding shares of the Company, was exceeded.

 

In early October 2019, the Company began the process to seek the necessary regulatory approvals that would allow the Sale to proceed.  An application for change of control of Bermuda Electric Light Company Limited (“BELCO”) from Ascendant to Algonquin (“Application”) was submitted to the Regulatory Authority (”RA”) with an anticipated timeline for a decision of approximately four months.

 

The Minister of Home Affairs (“Minister”) has now exercised his discretion under the Regulatory Authority Act 2011 and extended the statutory timeline for a final decision on the Application to 4 October 2020.  In light of this substantial extension, the Company will continue to work with the Minister and the RA to ensure that final consideration of the Application is completed as expeditiously as possible.

 

The Ascendant Board of Directors is confident that the Sale will ensure Bermuda and BELCO’s customers are well served with reliable electricity that will be cleaner, more efficient and more cost-effective.

 

Algonquin has committed to reducing BELCO’s operating costs by $5M, with no company-initiated job reductions in connection with the Sale, to benefit the customer, investing $5M to launch the Sustainable Bermuda Foundation with the purpose of advancing and promoting renewable energy, conservation and sustainability in Bermuda, and investing $300M into renewable energy in Bermuda through a competitive process.  These commitments are in addition to BELCO’s pre-existing $250 million investment in capital infrastructure upgrades. These commitments are expected to benefit all our stakeholders – our employees, customers and the Bermuda community.

 

 

 

 

 

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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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