THURSDAY, NOV. 1: The Ascendant Group has been granted relief from the 60/40 rule, which went into effect on October 22.

That means foreign ownership of Ascendant, which is the parent company of BELCO and Bermuda Gas, can exceed the normal 40 per cent cap.

It becomes the second company on the Bermuda Stock Exchange to be granted relief as KeyTech, the parent company of BTC and Logic Communications was the first company allowed to seek more capital from foreign investors.

In a filing to the BSX Ascendant said: “Further to our letter to you of October 1, 2012, informing you of our notification to the Minister of Business Development and Tourism pursuant to Section 113(8) of the Companies Act 1981 (the “Act”) on the same date, please be advised that effective October 22, 2012, the Company shall be deemed to be “Bermudian” pursuant to Section 113(cd)(i) of the Act.

“Further, the Company, as a company to which Section 114(1)(e) of the Act applies, shall thereby no longer be subject to the requirements of Section 118 of the Act."