Incorporation documents for Barrie OpCo Ltd, the company that is set to buy The Bermuda Telephone Company Limited (BTC) from KeyTech Group of Companies, posed new questions about the buyer and the purchase agreement.

While a KeyTech press release described Barrie OpCo Limited as “an investment group with extensive experience in the telecommunications sector”, the incorporation documents show the company — incorporated less than a week ago — has just one shareholder, Canadian Roy Thomas Graydon, whose address is listed as being in Ontario, Canada. He is described in KeyTech’s press release as ‘Director of Barrie OpCo Limited’.

Barrie OpCo Ltd came into being at the same time as a second company called Barrie Holdings Ltd, also a local company whose sole shareholder is Roy Thomas Graydon.

And both companies’ incorporation documents include the phrase: “The objects for which the Company is formed and incorporated are unrestricted.”

Mr Graydon appears to have experience in the telecommunications industry having been executive vice-president and chief financial officer of Rogers Telecom Holdings Inc, formerly Sprint Canada Inc, a Toronto-based company that focuses on data, e-business and voice services to business and homes, for about two years.

More recently he was the president and chief executive officer of Aeroquest International, Inc, joining the company in 2005 and resigning in 2011, corporate releases show.

Aeroquest, which appears to have a primary presence in Toronto, Canada, “collects and interprets data that reveals what is at and beneath the earth’s surface. Aeroquest applies the best available technology in its worldwide search for economic concentrations of mineral and petroleum resources and in the precision-mapping of the earth’s surface and objects upon it,” its website says.

In the KeyTech release, Mr Graydon is quoted saying: “We are thrilled to have this opportunity to invest in Bermuda. We are confident that an independent BTC has a bright future as a thriving part of the Bermuda telecommunications landscape.”

The release stated that the transaction remains subject to a number of conditions including regulatory approvals. KeyTech is refusing to comment further on the purchase until it is completed.

Attempts to contact Bermuda Industrial Union president Chris Furbert to ask about the impact the sale will have on the approximately 130 employees and their benefits have been unsuccessful.