In support of the Ascendant sale

  • North Power Plant, Belco (Photograph by Akil Simmons)

    North Power Plant, Belco (Photograph by Akil Simmons)

Dear Sir,

I am a shareholder and a former board member of Belco.

When I was the Permanent Secretary of the Ministry of Works and Engineering, I had many discussions with Garry Madeiros and Vince Ingham, the senior management of Belco. I had some success in having them put their overhead lines underground in certain areas.

I insisted that when trenching was done on public roads, if the temporary work was not completed in a timely manner, the entire width of the traffic land was to be resurfaced.

Our annual resurfacing programme was shared with the utilities to minimise their requirement to trench recently surfaced roadways.

Also, they were convinced that it was in their best interest to accept excess energy produced by the Tynes Bay Incinerator at a negotiated price.

With that brief background, let me state that I do not agree with the opinion of Sir John Swan and Michael Murphy on the sale of our utility company.

For years we have been talking about 60:40 and inward investment. Now that there is a very attractive offer on the table, arguments that are well in the future are being made.

Personally, I thank the directors for taking the initiative and doing the work over many months to get us to the position we are now in.

I first purchased shares in Belco decades ago. I also purchased shares in other local companies, including all three banks. I have added to my holdings and especially when they were very low. I felt the company was well managed and tried very hard to get all top management to be Bermudian.

I am a keen supporter of this sale, I think we would be foolish to think at some future date a similar or better offer will surface. I will purchase shares in other local companies with the sale of my shares.



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Published Aug 19, 2019 at 8:00 am (Updated Aug 19, 2019 at 8:14 am)

In support of the Ascendant sale

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