BAS offers to buy back up to $2m in shares
Bermuda Aviation Services plans to return up to $2 million to shareholders through a tender offer that could reduce the number of shares it has in circulation by about 18 per cent.
The Bermuda Stock Exchange-listed company is offering to buy up to 909,091 shares at $2.20 each. Shareholders can choose whether to sell, and any shares BAS buys will be cancelled.
In an announcement today, BAS said the price was more than 15.8 per cent above its last traded share price and about 63 per cent above its volume-weighted average price for 2026. Shareholders who tender shares will pay no brokerage or dealing costs, although those holding through an intermediary may face an administrative fee, BAS said.
The company said its register contained about 311 shareholders holding a total of approximately 4.92 million shares. Many accounts represented small or dormant holdings, it said, while maintaining the register and sending statutory and annual meeting materials created recurring costs borne by all shareholders.
Navi Dhesi, BAS’s chief executive, said: “The tender offer is intended to provide shareholders with an orderly and efficient mechanism to realise value from their investment at a fixed price.
“By offering a price above the current market value of the shares, the offer provides meaningful liquidity and an attractive opportunity for shareholders who wish to realise their investment.”
If shareholders offer to sell more than BAS can buy, those with fewer than 100 shares who tender their entire holding will be given priority. Other tenders will then be reduced proportionately.
Directors, officers and their associates cannot participate. Shareholders who want to keep their shares need take no action.
To be eligible, a shareholder must be on BAS’s register at the close of business on December 30. The company said December 28 was the latest date to buy shares and have the trade settle in time, though a purchase alone would not establish eligibility unless the buyer was entered on the register.
Tender instructions are due by December 30, with payment expected between February 1 and 3, 2027, subject to any changes announced by BAS. Shareholders holding shares through a broker or nominee should check for an earlier deadline set by their intermediary.
BAS said it was sending shareholders a circular containing the full terms and instructions.
• Shareholders who have questions are asked to contact BAS at shareholders@basg.bm, or call 299-4889
• See the tender offer announcement under Related Media
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