Hamilton, Bermuda (April 1st, 2019) —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.