GRACE, KENNEDY & Company Limited will make an interim dividend payment on December 10 of 50 cents per stock unit (or a total of $162 million) to shareholders on record as at November 24, 2004.
This was disclosed by Chief Financial Officer Don Wehby following a meeting of the board of directors held on October 28, 2004.
"The overall effect is for this year the dividend payout will be 38 per cent higher than for last year," explained Chairman and Chief Executive Officer Douglas Orane, in an interview yesterday. He said the December payout will bring the total payment to $291 million for the year, against $210 million last year. This, according to Mr. Wehby, is consistent with the company's dividend policy, which is to distribute at least 10 per cent of net profits attributable to stockholders, as well as maintain a total dividend pay out which is at least as high in dollar terms as it was in the previous year.
Mr. Wehby noted that the company's stock has shown significant growth since the start of the year and is currently trading at $210 (October 27), which represents an increase of 122 per cent over the 2003 year-end price of $53.95.
The company will be listing on the Eastern Caribbean Stock Exchange by December 2004 in an effort to broaden the ownership structure and provide other Caribbean nationals an opportunity to be shareholders.
Notice was served that the company's Register of Members will be closed from the close of business on November 24 to November 30.
