KeyTech Ltd. and CellOne to combine operations
KeyTech Ltd. has announced that it has entered into an agreement with Atlantic Tele-Network, Inc. which will allow KeyTech, through Bermuda Digital Communications, Ltd., doing business as CellOne, Logic and its other subsidiaries, to create a full service provider of mobile, fixed and international telecommunication services in Bermuda.
The transaction will bring together CellOne’s premier mobile services and network with Logic’s (CableVision) brand for broadband Internet, telephone and video services.
Although the transaction is mainly going to affect consumers in Bermuda, the additional capital from ATN will also support continued investment in expanding and upgrading the communications infrastructure in the Cayman Islands, the companies said in a press release.
As part of the agreement, KeyTech will receive ATN’s shares in CellOne and approximately $42 million in cash. ATN, which has jointly owned and operated CellOne with KeyTech since May 2011, will receive a 51 percent interest in KeyTech. In connection with the proposed transaction, current KeyTech shareholders will receive a one-time special dividend of $0.75 per share, conditioned upon successful completion of the proposed transaction. KeyTech will continue to be listed on the Bermuda Stock Exchange.
The transaction is subject to customary closing terms and conditions, including, among others, an affirmative vote by KeyTech’s shareholders, the receipt of approval from the Bermuda Regulatory Authority, the Federal Communications Commission, and the Information and Communications Technology Authority of the Cayman Islands and the consent of the Bermuda Stock Exchange to certain transaction matters.
The Security Centre Ltd. celebrates new office opening
The Security Centre Ltd. (TSCL) celebrated the grand opening of its new offices in Cayman Technology Centre with a Chamber Business After Hours event on Sept. 24.
More than 200 people toured the new energy efficient facilities, which include a 2,000-square-foot specially designed interactive showroom that allows customers to try the technologies available to them, including burglar alarms, CCTV, access control, GPS tracking and a full range of door locks and locksmith services.
Premier Alden McLaughlin congratulated the company, which employs more than 250 people, and cut the ribbon at the opening event.
Company CEO Stuart Bostock said, “We are so pleased after 15 years of operation to be able to bring all areas of the company under one roof … Anyone who has visited us in our previous offices will know we have been bursting at the seams for some time.
“The addition of a modern, state-of-the-art 24-hour Command, Control and Monitoring Centre now not only positions TSCL to lead the property and life safety industry in Cayman, it also leads across the Caribbean.”
Cayman Finance’s student program a success
Cayman Finance has finished the first year of its Student Education and Work Experience program. The program partners with the Ministry of Education, Employment and Gender Affairs and the Ministry of Financial Services, Commerce and Environment to provide young Caymanian students with experience in the financial services industry.
The 12-week program was offered to Year-12 students in the government dual-enrollment program working on their A-levels or completing their first year at UCCI.
The student program consisted of eight in-classroom workshops, one-on-one weekly meetings with mentors for two months and a month-long paid work experience placement in the industry.
Tara Rivers, minister of Education, Employment and Gender Affairs, said the program allowed “students to interact one-on-one with senior professionals in the industry, making invaluable connections and getting that hands-on experience to ensure students know what the industry demands and if it is the right career choice for them.”
Harneys opens Bermuda office
Harneys has announced its expansion into Bermuda and the launch of a full-service Bermuda legal practice. Harneys Bermuda specializes in litigation, corporate, funds, insurance, insolvency and restructuring, and will establish a fiduciary business in the near future.
Sarah-Jane Hurrion is managing partner of Harneys Bermuda, and the firm has also recruited Michael Burns, a former senior partner of Appleby, as managing director of Fiduciary Services and head of the Corporate Department in Bermuda. He will also serve as Harneys’ Global Group general counsel.
“Bermuda is a blue chip jurisdiction with a strong international reputation and diverse product range; clients have been telling us for some time that Bermuda is a place where Harneys needs to be,” said Peter Tarn, chairman of the executive committee.
Maples and Calder grants scholarships to six Caymanians
Maples and Calder has granted its 2015 scholarships to six young Caymanians. Pursuing legal and non-legal degrees at varying levels, the recipients are Ciara Henry, Hailee Robinson, Louis Solomon, Andrea Bodden, Loshana Lopez-Francis and Duane Thompson.
“The recipients of this year’s scholarships have exhibited qualities that would attract top employers in the Cayman Islands and abroad,” said Paul Lumsden, managing partner of Maples and Calder’s Cayman office.
Maples and Calder’s legal and non-legal scholarships are offered on an annual basis and are available to qualified Caymanians who wish to pursue degrees at a recognized college or university.
Caymanian seconded to Intertrust Hong Kong
Intertrust Cayman’s Andrea Forbes has accepted a six month secondment in Hong Kong. The young Caymanian has been with Intertrust since 2006 through its predecessor Close Brothers (Cayman) Limited.
Her role as corporate administrator in Intertrust’s Private Equity and Corporate non-U.S. team exposed her to clients and business partners across the world, mainly in Asia.
She is the third employee in the last few years from Intertrust Cayman to have been sent overseas on secondment, under Intertrust’s International Mobility Program.