Ashford W. Meikle, Staff Reporter 
A Dyoll shareholder, Rupert Young, makes a point during the Dyoll minority shareholders meeting at the Medallion Hall Hotel last Thursday. In the foreground, at right, is Chairman of Mayberry Investments, Christopher Berry. - IAN ALLEN/STAFF PHOTOGRAPHER
SOME 50 minority shareholders in the Dyoll group have agreed to form a lobby group to press for:
Compensation for losses suffered from their investment in the Dyoll Group.
Access to information from the investigations into Dyoll trading by both the Jamaica Stock Exchange (JSE) and the Financial Services Commission (FSC).
Prosecution of persons determined to be 'negligent' in their management of Dyoll Insurance as well as persons guilty of insider trading.
The objectives were agreed on at a meeting of minority shareholders held last Thursday at the Medallion Hall Hotel.
The shareholders were responding to an 'anonymous' advertisement which appeared in the print media inviting "minority shareholders to assess the situation, analyse the facts and to decide on the way forward."
Self-described convenor of the meeting, minority shareholder, Richard Burgher, complained: "People don't talk to [minority] shareholders. Nobody talks to us." It was in response to his urging that the shareholders decided to form the lobby group.
"I think we should consider a minority shareholders association to give it a voice and legitimacy or it might become a nine-day wonder," he said in reference to the meeting.
He said that he hoped the shareholders would agree to retain "counsel to pursue whatever remedies which exist." Two lawyers, Hillary Phillips and Denise Kitson, were present, fielding questions from the shareholders.
Both lawyers quoted extensively from the Securities Act. Ms Phillips advised that before any legal action can be taken they must determine what is the loss suffered since an action cannot be pursued without claims. She told the audience that based on the law, "directors do not have a duty to individual shareholders."
Ms. Phillips advised the shareholders that the Securities Act gives a shareholder up to three years after the last transaction to institute legal proceedings. But, the situation might get complicated if the FSC's investigation drags on for more than three years. In that case a shareholder's "right will be extinguished."
Trading in Dyoll shares was suspended on February 15. With its Jamaican business insurance portfolio sold to Jamaica International Insurance Company (JIIC), a Grace subsidiary, many hold the view that the company might be delisted from the JSE. Understandably, the shareholders are anxious about what is to become of the group, which also includes Dyoll Wataru Coffee Company.
The shareholders were vitriolic in their criticisms of the FSC and its executive director, Brian Wynter. One shareholder declared that "too much power resides in that bureaucracy," in reference to the regulatory agency. It was suggested at the meeting that the shareholders should sue the FSC for the manner in which it handled affairs of the insurance company. The FSC's legality in selling Dyoll Insurance's Jamaican portfolio to JIIC.
"It seems pretty hopeless," lamented a frustrated shareholder. Chairman of Mayberry Investments, Christopher Berry, told the shareholders "The issue is bigger than Dyoll? it's about investing in the stock market in Jamaica." At the end of the meeting, the attendees agreed that they would form and incorporate a minority shareholders' association. They also agreed to have another meeting in two weeks where they will invite Mr. Wynter.
