Timely Ascendant share trade draws attention
A timely trade on the Bermuda Stock Exchange is set to pay off handsomely for whoever bought 37,300 Ascendant Group shares last Friday.
The shares, worth $820,600 at Friday’s closing share price of $22, look like a good buy with the news yesterday morning that Ascendant Group had agreed a $36-per-share takeover offer from Algonquin Power&Utility Corp. At that price the same stake would be worth $1.34 million.
If the takeover is approved by shareholders, regulators and the Bermuda Government, the gross profit on Friday’s purchases would amount to $522,200, representing a gain of more than 63 per cent.
Greg Wojciechowski, chief executive officer of the Bermuda Stock Exchange, said the BSX routinely monitors share trading. He added that insider dealing was a criminal offence and in breach of the BSX’s rules.
Under amendments made in 2004 to the Criminal Code Act 1907, penalties for insider dealing include up to seven years’ imprisonment and fines of up to $175,000.
“In the course of its normal activity, the BSX monitors market activity and makes inquires when it deems that circumstances require further investigation to ensure compliance to BSX regulations,” Mr Wojciechowski told The Royal Gazette.
“In addition to its typical oversight processes, the Exchange has monitored trading in Ascendant shares from January 28, 2019 when the company announced it was ‘evaluating strategic alternatives’.”
He said the principal function of the BSX was to provide a fair, orderly and efficient market for the trading of securities issued by both domestic and international issuers.
“The BSX operates and oversees activity on the exchange’s electronic market platform to ensure compliance with its regulatory framework,” Mr Wojciechowski added.
“The BSX Operations and Compliance Departments are tasked with ensuring that BSX regulatory requirements are met by all users of the exchange.”
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Ada Foggo (1928-2020)
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