Ascendant dividend under review
Ascendant Group Ltd slumped 5.6 percent in Bermuda Stock Exchange trading yesterday as the company announced that its dividend policy was under review.
The owner of electricity company Belco fell 45 cents to $7.55, as 11,900 shares changed hands.
Ascendant announced a dividend of 21.25 cents per share, payable on April 7 to shareholders of record as of March 24, 2014.
The company added in a statement: “the Board stated that a full review of Ascendant Group's dividend policy is underway as the Company seeks to balance the deployment of its capital to support significant re-investment in the next generation of electricity infrastructure. The review is taking place in consideration of the difficult economic conditions in Bermuda and the associated challenges.”
Butterfield Bank remained unchanged on $1.98 as 3,928 of its shares traded.
The Royal Gazette/BSX Index dropped 3.9 points, or 0.28 percent, to close on 1,388.8. Volume was 15,828 shares and turnover topped $100,107.