The Board of Directors of The Gleaner Company Limited has declared an interim dividend of $0.04 per share payable on March 25, 2015 to shareholders on record as at March 5, 2015. The ex-dividend date is March 3, 2015.
The Board of Directors of The Gleaner Company Limited has declared an interim dividend of $0.04 per share payable on March 25, 2015 to shareholders on record as at March 5, 2015. The ex-dividend date is March 3, 2015.
The Board of Directors of Desnoes & Geddes Limited (DG) has adopted a resolution to declare a dividend for the year 2015 of $0.13 per share payable on March 31, 2015 to shareholders on record as at March 6, 2015. The ex-dividend date is March 4, 2015. DG has advised that at a board meeting held on February 17, 2015, Ms. Cristina Diezhandino was appointed a member of the Board of Directors of DG. Also, at the aforesaid meeting, Mr. Alberto Gavazzi resigned from the Board of Directors of DG.
The Board of Directors of Eppley Limited has declared an ordinary dividend of $37.19 per share payable on March 17, 2015 to shareholders on record as at March 10, 2015. The ex-dividend date is March 6, 2015.
Trinidad Cement Limited (TCL) has advised that the following Special Resolution was duly considered and passed at the Special Meeting of Shareholders of TCL held on February 9, 2015: "Be it resolved that Article 5 of TCL`s Articles of Continuance (Restrictions on Share Transfers and Share Ownership), including the details as outlined in Schedule 2 annexed thereto, be repealed in its entirety and replaced with the following:
Share Transfers: The Directors may decline to register any transfer of shares on which the Company has a lien. If the directors refuse to register a transfer of any shares, they shall within thirty days after the date on which the transfer was lodged send to the transferee notice of the refusal."
The Board of Directors of Proven Investments Limited (PROVEN) has declared an ordinary dividend of US$0.0020 per share payable on March 11, 2015 to shareholders on record as at February 25, 2015. The ex-dividend date is February 23, 2015. The Board of Directors of PROVEN has declared a preference share dividend of $0.10 per share payable on March 20, 2015 to shareholders on record as at March 6, 2015. The ex-dividend date is March 4, 2015.
Trinidad Cement Limited (TCL) has advised that further to the Notice to Shareholders published on Saturday February 7, 2015 which advised of a resolution passed by the Board of Directors of TCL to raise capital through a Rights Issue, please be advised that TCL signed a Subscription Agreement with Sierra Trading (an affiliate of CEMEX, S.A.B. de C.V. and the holder of 20% of TCL`s share capital) on February 9, 2015, the main terms of which are as follows:
1. Sierra Trading has committed to participating in the said Rights Issue to the fullest extent permitted by its shareholding;
2. Sierra Trading has agreed to commit additional capital (via an agreement to underwrite the raising of capital up to a
maximum of US$45M) in order to ensure that TCL meets a capitalization target amount of at least US$50M;
3. In consideration of the above commitments by Sierra Trading, TCL has agreed: a. To grant an exclusive right to Sierra
Trading to subscribe and purchase any shares in the Rights Issue, which are not taken up by Shareholders in the exercise of their preemptive rights during the relevant period of the Rights Issue, up to such an amount that will not cause Sierra Trading`s total shareholding in TCL to exceed 40% of TCL`s outstanding shares; b. That if after the Rights Issue (including the exercise by Sierra Trading of the right granted above to acquire any shares not taken up by other shareholders who elect not to fully exercise their preemptive rights under the Rights Issue) Sierra Trading has not achieved a shareholding in TCL of at least 35%, then subject to receiving all required approvals, including Shareholder approval, a private placement of TCL shares will be issued in favour of Sierra Trading in an amount that will permit Sierra Trading to achieve a shareholding of 35% of TCL`s outstanding shares.
On Friday February 6, 2014, The Jamaica Public Service Company (JPS) announced that it will be appealing the Rate Determination handed down by the Office of Utilities Regulation (OUR) a month ago.
In making the announcement at a media briefing at the Company’s head office in Kingston to, JPS President & CEO, explained: "After careful review of the OUR’s ruling, and the potential impact on the country’s energy sector, we have decided to appeal the Rate Determination. We believe that it is in the best interest of Jamaica to have an objective, independent appellate body review the matter, in keeping with our operating Licence. This is not simply an appeal about a percentage increase," she said. "We are appealing specific Regulatory principles – which need to be addressed in order to avoid a damaging precedent, with potentially devastating consequences for the energy sector."
The JPS CEO indicated that she could not get into details of the Appeal, but indicated that there are specific Regulatory principles which the Company believes should be reviewed. "The first is the issue of Legitimate Cost Recovery. Like any other business, we believe the utility should be allowed to recover legitimate costs incurred in the operation of the business," Ms Tomblin said. "The second principle on which the Appeal is based is Equity: JPS is simply asking to be treated like other investors in the energy market."
Ms Tomblin further indicated that the primary objective of the Appeal is to ensure that Jamaica has a strong energy sector that can fuel economic growth. "This Appeal is not just about JPS," she said. "We believe Jamaicans should not be asked to settle for a utility that is barely limping along. We are fighting for a utility that can be strengthened to be able make the investment necessary to deliver world class service to our customers – the type of service that Jamaica deserves."
Trinidad Cement Ltd advised of its rescheduled meeting on Monday, February 9, 2015 at 5:00p.m to be held at the La Boucan Hilton Trinidad & Conference Centre, Lady Young Road, Port of Spain Trinidad.
Energy Company, Jamaica Public Service Company Limited (JPS), received formal approval from the Jamaican Government for its proposal to proceed with the construction of a 190MW plant to replace the company’s existing units at the Old Harbour power station, located on the southern coast of Jamaica.
JPS is pursuing fuel diversification of its power generation fleet (new and existing), consistent with the Jamaica National Energy Policy, to reduce dependence on liquid fuels such as Diesel and HFO#6, in favour of lower cost Natural Gas. A market study undertaken by JPS in 2014 indicated that Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGL’s) such as propane and ethane, are viable options for power generation and can realise significant reduction in the cost of electricity.
JPS has subsequently defined a gas-powered generation project through collaboration with the Electricity Sector Enterprise Team (ESET) established by the Jamaican Government. The project has now received formal approval by the Government and has been awarded to JPS.
The Project is to be located at the existing Old Harbour site and is nominally rated at 190 MW under site conditions (197 MW – new and clean). JPS also seeks to convert the existing Bogue combined cycle project in Western Jamaica to gas fuel as expeditiously as possible. The primary objectives of the projects are to reduce costs, reduce electricity price volatility through establishing fuel diversity, and to provide flexible generation (fast start and ramp), allowing the integration of intermittent resources to further enable the Government’s Energy Policy to provide up to 20% of Jamaica’s energy from renewable generation projects.
The Board of Directors of Carreras Limited has declared an interim dividend of $1.60 per share payable on March 12, 2015 to shareholders on record as at February 20, 2015. The ex-dividend date is February 17, 2015.