Log In

Reset Password

BAS spends $500K on buy-back

Bermuda Aviation Services shares rose 6.6 percent after the company spent more than half a million dollars to buy back 152,790 of its shares from the company's own pension plan trust.

“This transaction settles on July 25, 2014 and the shares were acquired for $3.21 per share,” BAS stated.

“In December 2013, BAS decided that it no longer wished to be exposed to the risk that was presented by its defined benefit pension plan. Therefore, the company devised a strategy to wind up the defined benefit plan.

“A component of this strategy involved the liquidation of the plan's assets so that annuities could be purchased for the plan's participants. The BAS shares were one of the investments that are held by the BAS Pension Plan Trust.

“In June 2014, the BAS board of directors decided that the company would be best served if these shares were acquired by the company and cancelled. Therefore, these shares were acquired on July 25, 2014 and will be cancelled.”

BAS shares climbed 20 cents to $3.21 and was the only mover on the Bermuda Stock Exchange. The Royal Gazette/BSX Index rose 0.86 of a point, or 0.06 percent, to close on 1,373.39.

You must be Registered or to post comment or to vote.

Published July 23, 2014 at 6:42 pm (Updated July 23, 2014 at 6:42 pm)

BAS spends $500K on buy-back

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon