19 October 2020
(LEI Number: 213800CTZ7TEIE7YM468)
This announcement contains inside information
Portfolio Update - Sale of Ascendant
The Board of UIL Limited ("UIL") is pleased to announce that all the remaining conditions for the sale of Ascendant Group Limited ("Ascendant") to Algonquin Power & Utilities Corp ("Algonquin") have now been satisfied. Accordingly, it is planned that the transaction will complete in mid November 2020. UIL is expected to receive an aggregate cash consideration of approximately $37.6m (£29.1m) as a result of the sale of Ascendant comprising $33.3m from the sale of UIL's direct holding of Ascendant shares and $4.3m from its subsidiary, Bermuda First Investment Company Limited ("BFIC"), which also held Ascendant shares. UIL has today sold its direct holding of Ascendant shares to BFIC at the sale price of $33.3m, of which BFIC will pay $30.0m prior to 30 October 2020.
Ascendant, a holding company which was listed on the Bermuda Stock Exchange, owns 100% of Bermuda Electricity Light Company Limited, Bermuda's sole electricity provider, and a number of other non-regulated energy related companies. The sale of Ascendant to Algonquin was approved by Ascendant's shareholders in August 2019 with completion subject to receipt of Bermuda Regulatory and Government approvals, which have now been received.
Name of contact and telephone number for enquiries:
ICM Investment Management Limited
Telephone: 01372 271486