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Ascendant Group Limited - Exemption From 60/40 Rule
Hamilton, Bermuda – 01 October, 2012 – In a filing to the Bermuda Stock Exchange (“BSX”), dated 31 October, 2012, Ascendant Group Limited (the “Company”; Ticker: AGL.BH) confirmed that, effective 22 October, 2012, the company is no longer subject to the 60/40 rule.
The letter stated:
"Further to our letter to you of October 1, 2012, informing you of our notification to the Minister of Business Development and Tourism pursuant to Section 113(8) of the Companies Act 1981 (the “Act”) on the same date, please be advised that effective October 22, 2012, the Company shall be deemed to be “Bermudian” pursuant to Section 113(cd)(i) of the Act.
Further, the Company, as a company to which Section 114(1)(e) of the Act applies, shall thereby no longer be subject to the requirements of Section 118 of the Act."
For further information about this release and the Ascendant Group Limited, visit www.ascendantgroup.bm
Contact:
Chris Coelho
Senior Vice President - Chief Financial Officer
27 Serpentine Road
Pembroke HM 07, Bermuda
Tel: (441) 299-2812
Cell: (441) 325-1518
Fax: (441) 299-2849
Email: ccoelho@belco.bm