Cable & Wireless Jamaica Limited has advised that its Articles of Incorporation was amended in 2009 to include the following:
“Article 134
All dividends unclaimed for a one year after having been declared may be invested or otherwise made use of by the Directors for the benefit of the Company until claimed, and if unclaimed for 12 years may be forfeited and retained by the Company.”
This empowered the Company to act under Jamaica Stock Exchange Rule 404.
At a meeting of the Board of Directors held on February 13, 2012, management was authorized to “…forfeit and retain all dividends which as at March 31, 2012 shall have been declared and unclaimed for 12 years or more.”
In this regard, please be advised that the Company booked the sum of J$59,193,895.73 which will be reflected in its end of year results.
Please also be advised that although its may seem counter-intuitive on the face of it, C&WJ will continue to honour all dividend cheques validated by its Registrar, notwithstanding this resolution.
