September 26, 2016 1:37 PM ET

Electric Utilities

Company Overview of Ascendant Group Ltd.

Company Overview

Ascendant Group Limited, through its subsidiaries, provides energy and infrastructure solutions. The company operates through Bermuda Electric Light Company Limited; Bermuda Gas & Utility Company Limited; and AG Holdings Limited segments. It engages in the generation, transmission, and distribution of electric power; and distribution of propane. The company is also involved in the sale and service of heating, ventilation, and air conditioning units; and provision of air quality monitoring, building automation and energy management, commercial plumbing, fire protection, and commercial refrigeration services. In addition, it provides engineering procurement, contracting, and consulting service...

27 Serpentine Road

Pembroke,  HM 07

Bermuda

Founded in 1904

412 Employees

Phone:

441-298-6100

Fax:

441-292-8975

Key Executives for Ascendant Group Ltd.

Ascendant Group Ltd. does not have any Key Executives recorded.

Ascendant Group Ltd. Key Developments

Ascendant Group Limited Announces Consolidated Earnings Results for the Six Months of 2016

Ascendant Group Limited announced consolidated earnings results for the six months of 2016. For the period the company net income was $18.6 million compared to $970,000 in the comparable period in 2015.  Operating earnings, excluding the impact of discontinued operations was $6.0 million during the $3.5 million improvement relative to company’s comparable operating earnings of $2.6 million in 2015. The significant increase in the Group’s net income primarily reflects a $12.5 million gain on the sale of Bermuda Gas & Utility Company Limited (Bermuda Gas) in April 2016. The improvement in operating earnings was driven by a $3.1 million, or 59.1% increase in Bermuda Electric Light Company net earnings, due to higher electricity sales revenues and lower operating costs.

Ascendant Group Ltd Announces Management Change

Ascendant Group Limited announced that General Counsel & Corporate Secretary Cheryl-Ann Mapp has tendered her resignation, effective 7 October, 2016. The company announced the resignation, retiring President & Chief Executive Officer Walter Higgins. Mrs. Mapp has supervised the legal and governance affairs of the Company, while providing advice and counsel to the Chief Executive Officer, Management and the Board of Directors. The search for a new General Counsel & Corporate Secretary will begin immediately. An interim General Counsel will be appointed until a full-time replacement has been identified.

Ascendant Group Limited Announces Management Changes

Ascendant Group Limited has appointed Sean M. Durfy to succeed Walter M. Higgins who will be retiring as President & Chief Executive Officer. Mr. Durfy will join Ascendant Group on 12 September 2016 having most recently served as President and Chief Development Officer of Northland Power Inc. Previously, Mr. Durfy was President, Chief Executive Officer and Director of Canadian airline WestJet. Mr. Durfy brings with him a track record of innovative business strategy and leadership focused on developing business growth and corporate culture. In addition to his position at Northland Power Inc., Mr. Durfy’s experience in the electricity sector includes having served as President and Chief Operating Officer of ENMAX Energy Corporation.

Similar Private Companies By Industry

Company Name Region
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Pendekar Ltd. Americas
PSEG Americas Ltd. Americas

Recent Private Companies Transactions

Type
Date
Target
Buyback
May 16, 2016
--
Merger/Acquisition
April 13, 2016
Bermuda Gas & Utility Company Limited
 

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