News Release: HAMILTON, Bermuda – A spokesperson for Ascendant Group Limited (“Ascendant”) stated that Ascendant has received approval from the Regulatory Authority (“RA”) for the change in control of Bermuda Electric Light Company Limited as a necessary step to complete the sale of Ascendant to Algonquin Power & Utilities Corp. (“Algonquin”). The sale remains subject to the receipt of further approvals.
Once all approvals are granted, final matters are expected to be completed within the coming weeks. The Bermuda Stock Exchange has been advised of the approval from the RA and the trading in Ascendant shares has been suspended.
Ascendant’s Board of Directors is confident that the sale to Algonquin will ensure its customers and Bermuda are well served with reliable power generation that will be cleaner, more efficient and more cost-effective.
Algonquin will bring the knowledge, experience and capital necessary to carry Ascendant into the future and this will benefit all stakeholders – employees, customers, and shareholders.