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Ascendant Group Limited is progressing with its strategic review process
Hamilton, Bermuda – 01 April 2019 – In a filing with the Bermuda Stock Exchange (“BSX”), Ascendant Group Limited’s (the "Ascendant Group" or “Company”; Ticker: AGL.BH) Board of Directors today gave an update on the status of its strategic alternatives review which commenced in January. The full filing stated:
The Board of Directors (the “Board”) of Ascendant Group Limited (the “Company” or “Ascendant”) today gave an update on the status of its strategic alternatives review which commenced in January and included consideration of the potential sale of the Company.
The Board, with the assistance of its financial advisor Guggenheim Securities LLC, following a robust assessment process, has decided to invite a select group of globally-respected firms to each submit a definitive proposal to purchase the Company. The Board is impressed with the number and quality of firms that have expressed an interest in Ascendant.
Through these proposals, the Board will seek access to the capital resources, operational knowledge and technological innovation necessary to advance the Company’s efforts to reduce the cost of electricity and meet future challenges that will benefit the community as a whole.
Whatever strategic option is pursued, the Board will fully consider the interests of the Company’s customers, employees, shareholders, and the community. Whether the Board ultimately recommends the sale of Ascendant will be dependent on the outcome of the process.
We will continue to work cooperatively with all stakeholders, including our regulators, throughout this process to ensure the best outcome for Bermuda.
The Company further announces the suspension of its share repurchase programme.
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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.