Palace Multiplex in Montego Bay.
IC insider.com was informed that the Jamaica Stock Exchange stopped the payment. In discussion with the JSE they indicated that the company did not comply with the rules of the exchange to inform them of the dividend. Accordingly, the change in dividend payment was to allow for the public to have notice of the ex-dividend date.
That of course is only partially true, while the company did not advise the exchange when the directors were to meet to approve the dividend and what was the outcome of the meeting. The exchange had adequate notice of the payment from October 31. The exchange JSE staff did nothing about the information that they got and approved for posting on their website.
The company’s directors’ report clearly states that the dividend had an xd dividend date of January 4 with the payment to be made on January 18. The annual report was posted on the JSE website from October. The directors, report along with the audited report were put to the meeting for acceptance which was done.
Andre Tulloch, head of the JSE regulatory arm.
Shareholders after approving the directors’ report, approved the resolution for the payment of the dividend, effectively agreeing to ex dividend and payment dates as set out in the directors report.
In the wisdom of the Jamaica Stock Exchange, they ignored the supremacy of the AGM and forced the company to submit information to change all the dates relating to the dividend. They failed to understand that the directors have no powers to change what the shareholders approved, and if a change is to be made, then the directors would need to call a general meeting to get shareholders to make the change. The correct remedy would have been some reprimand not a call for a non-legal action.
The requirements of the JSE is that any meeting at which a dividend is to be consider should be communicated to the JSE no later than 7 days before the date of the meeting and within 48 days of the meeting the decision taken. This was not done by Palace, but the JSE who had notice of the declaration from the end of October, did nothing about it for more than two months.
On 17 January, a posting on the JSE website showed that the record date was changed to January 31. The posting stated the “Palace Amusement (PAL) has advised that following decision made at their Annual General Meeting in December 2018, to pay a dividend of $2 per stock, the payment will be made on February 8, 2019, to the shareholders on record as at January 31, 2019, The ex-dividend date is January 30, 2019.”
The added problem is that shares were traded in January after the xd date of January 4. The seller would have expected to collect the dividend that was approved. It also means that cheques already drawn, may have to be redone, to record the new record date.
The JSE has clearly, made a huge error in this matter and should immediately correct it, to prevent a messy situation from getting worse. You cannot correct a wrong by another wrong.
Trading on the main and US dollar markets on the Jamaica Stock Exchange on Wednesday resulted in 32 securities changing hands, with prices of 17 rising, 8 declining with 7 remaining unchanged, compared to 35 securities trading on Tuesday. 
The average volume and value for the month to date amounts 85,472 units valued at $2,413,525 compared to 85,685 units valued at $2,331,954, previously. Trading for December ended, with an average of 835,037 units with a value of $25,906,477, for each security traded.
hands. Sagicor Group regained 99 cents to settle at $39, in trading of 89,867 shares, Sagicor Real Estate Fund gained 49 cents ended trading of 15,340 shares at $10.60, Salada Foods jumped $2 to a new high in trading 100 shares to close at $37. Seprod gained 23 cents and ended at $31.43 with an exchange of 50,639 shares and Wisynco Group rose 30 cents and finished at $10.10, trading 237,151 units.
at $9,627,015, previously 560,963 units valued at $2,271,558. In contrast, December ended with an average of 136,222 units at a value of $737,367 for each security traded.
$3.80, with an exchange of 23,900 stock units, Iron Rock ended with a loss of 20 cents at $4.70, with 3,429 units changing hands, Jetcon Corporation settled 5 cents higher at $3.15, in exchanging 5,356 shares. Key Insurance ended trading of 14,900 stock units and lost 1 cent to close at $3.18, Knutsford Express finished trading of 132,084 shares and moved 50 cents higher to $12.50, Lasco Distributors closed 10 cents higher at $3.80, with trading in 25,648 shares, Lasco Financial ended at $4.50, with 3,438 shares changing hands. Lasco Manufacturing concluded trading of 20,673 stock units at $3.30, Medical Disposables settled 50 cents higher at $7, with an exchange of 50,000 shares, SSL Venture Capital exchanged 10,000 shares to close at $1.95 and Stationery and Office traded just 156 shares and moved 60 cents higher to $9.
Market activity on the Trinidad & Tobago Stock Exchange ended on Wednesday with trading in 12 securities against 17 on Tuesday. At the close of the market, 3 securities advanced, 4 declined and 5 remained unchanged.
The prospectus, for 
trading 194,545 stock units, 138 Student Living finished trading 211,874 shares with a fall of 75 cents to close at 52 weeks’ low of $2.80. PanJam Investment shed 50 cents to close at $71, with 14,375 units changing hands. Sagicor Group fell 99 cents to settle at $38.01, in trading of 5,452 shares, Scotia Group traded 12,745 shares after losing 50 cents to close at $51.90. Seprod gained 40 cents and ended at $31.20 with an exchange of 29,427 shares and Supreme Ventures lost $1 in concluding trading of 135,592 stock units at $19.
at $3.50, Honey Bun closed at $3.75, with 9,177 stock units changing hands. Indies Pharma rose by 20 cents to end at $3.15, trading 15,986 shares, Jamaican Teas closed at $4, with 25,813 shares traded, Jetcon Corporation settled with a loss of 20 cents at $3.10, with an exchange of 29,414 shares, Knutsford Express finished trading 8,984 shares with a loss of 1 cent at $12. Lasco Distributors closed at $3.70, with 80,575 shares trading, Lasco Financial ended 5 cents higher at $4.50, with 55,330 shares changing hands, Lasco Manufacturing concluded trading of 65,410 stock units, with a loss of 10 cents to end at $3.30. Main Event finished with a loss of $1.08 at $5.90, exchanging 1,991 units, Medical Disposables settled at $6.50, trading 24,000 shares. Stationery and Office traded 22,286 shares with a loss of 10 cents at $8.40 and tTech closed with a loss of 50 cents at $5, after 43,924 units were traded.
shares and Republic Financial Holdings lost 1 cent to end at $107.45, with a mere 5 shares changing hands.
Trading on the Jamaica Stock Exchange on Monday, resulted in another day of decline in the two main market indices, but the volume and value of stocks trading, dropped sharply than the elvesl on Friday. 
cents to settle at $39, in trading of 80,640 shares, Sagicor Real Estate Fund fell 49 cents to settle at $10.11, in trading of 80,640 shares,Scotia Group traded 124,455 shares after gaining 39 cents to close at $52.40. Seprod fell 70 cents and ended at $30.80 with an exchange of 41,125 shares and Wisynco Group lost 45 cents and concluded trading at $9.75, with 64,698 stock units changing hands.
