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Jun 21, 2012

Dividends mounting to over $3 Million from 2007 to be disbursed

Twenty-six point nine percent of shares are held by the Social Security Board, seventy point two percent are held by the Government and the balance by one thousand five hundred small shareholders. It’s been a while since B.E.L. delivered dividends to shareholders, and though it recorded two million dollars in profit, it actually is giving out a little over three million dollars to shareholders for dividends earned in 2007.  The seventy percent of shares that the government assumed with the control of the company once belonged to Fortis, the Canadian company that controlled BEL up to the end of May 2011. Dawn Sampson says that the shares will go to Fortis as part of a compensation package.

 

Dawn Sampson, Manager of Corporate Services, B.E.L. 

“The AGM was successfully held yesterday at the Biltmore. We were very pleased to report to shareholders that the new board of directors have made a decision to pay the dividends that were declared for the year 2007, but were suspended in 2008. Shareholders have been paid dividends for three-quarters in 2007, so there is an outstanding portion that remains for the fourth quarter and the board has made a decision to pay those dividends. So shareholders were pleased to hear that and we were pleased to deliver that piece of news.”

 

Jose Sanchez

“What was the reason for the suspension?”

 

Dawn Sampson

Dawn Sampson

“The company had made a decision to suspend the dividends at that point in time because of the financial challenges that it began to encounter back in early 2008. With respect to the dividends that we will be paying for 2007; it will amount to about three million dollars or so and that encompasses—that is the amount that will be paid to all the shareholders on record as of December thirty-first 2007: Social Security Board, Fortis, and small shareholders. For Fortis, it amounts to about seventy point two percent; for Social Security, twenty-six point nine percent and the remaining amount to small shareholders. For the small shareholders, our plan is the complete payment to small shareholders by end of September 2012. For S.S.B., we have made payment arrangements with them and we project completing payments to S.S.B. by the end of this year, 2012. And for Fortis, the plan is to make payments to Fortis as part of the compensation package that will be settled between Government and Fortis.”

 

In a release, the Chief Executive Officer Jeffrey Locke, says B.E.L.’s focus for 2012 will be to manage the reduction in the Mean Electricity Rate by striking a healthy balance between profitability and delivering reasonable electricity rates to customers.

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1 Response for “Dividends mounting to over $3 Million from 2007 to be disbursed”

  1. check it out says:

    the same night they boasting BEL is so profitable, the entire City in BLACK OUT >>whole night sweating ,mosquita, can,t sleep this is what a goverment BEL means ….

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