July 23, 2014
Bermuda Aviation Services Limited (“BAS”) purchases its shares from BAS Pension Plan Trust
BAS wishes to announce that it has acquired 152,790 of its shares from the BAS Pension Plan Trust. This transaction settles on July 25, 2014 and the shares were acquired for $3.21 per share.
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.
Note to Editor: BAS started as a single entity operation that was formed in 1947 to provide ground and passenger handling at the L.F. Wade International Airport, and has grown into a holding company with multiple subsidiaries providing a myriad of services that are distinct in nature, but are also strategically complimentary and synergistic. BAS has become a full-fledged total solution service company and intends to serve Bermuda to the best of its ability with customer satisfaction and an increase in shareholder wealth expected to be the by-products of these efforts.
Ian Cook, Chief Executive Officer – 294-3401 firstname.lastname@example.org
Andrew Griffith, Chief Financial Officer – 299-4880 email@example.comView all news