Caribbean Cement and poor management

Investors entrust capital to public companies with the expectation that their interests will be properly protected, but that does not appear to be the case with local investors at Caribbean Cement Company. Last year against to outcry of local investors the company rammed through fees for royalty to be paid in addition to management fees already be paid to Cemex, the ultimate parent company.

Caribbean Cement proposed a $1.50 dividend per share in August

Last month, the company proposed a meeting to consider the payment of a dividend that was not managed appropriately by the company, neither before nor after the meeting.
The Board of Directors Caribbean Cement Company advised shareholders that a meeting of the board that was held on May 26, 2022, recommended presenting an ordinary resolution to shareholders to declare a final dividend of $1.5032 per share payable on August 15, 2022. 
That is a great development, considering the company last paid a dividend in 2004, but the wider public was deprived of such price sensitive information. To compound the problem, the company haled the meeting and kept the information for a week before communicating the decision to the exchange, even though the rules require immediate release of the decision immediately after the meeting.
In an article reporting the decision of the board, the company through its secretarial department took issue with the article stating that they seem to have breached the JSE rules that require that any meeting to consider the payment of a dividend must be communicated to the JSE at least 7 days ahead of the meeting. So far no such notification was posted on the Stock Exchange’s website up to Tuesday evening.
The company provides the evidence of two letters addressed to the Jamaica Stock Exchange notifying that a meeting would be held initially on May 23 another dated May 20 indicates a change in the date to May 26. None of these letters are yet on the Jamaica Stock Exchange’s website.
A spokesperson at the JSE confirms that the letters were in fact received but that it is the responsibility of the respective companies to ensure that the notice is uploaded to the JSE portal from which the relevant staff would approve the same to be uploaded to the website.
While the JSE was informed by letter technically, the company is in breach as they did not follow up to ensure the information was received and in fact posted to the website what was very sensitive information considering this is the first time that the company would be considering a dividend payment since 2004 when they last paid one amounting to 7 cents per share amounting to $60 million.
Based on the price movement in the market last week it appears that the information was already in the market.
While Caribbean Cement cannot escape responsibility for the matter not being communicated to its shareholders on a timely basis, The JSE cannot escape some blame either. Once the letters were received they should have followed up with the company since it was not on the portal.
No one seems to be following up on electronic communication in this modern era. The handling above, epitomizes, what seems like today’s communication practice that assumes once an email is sent, the other party must have read it, and therefore there is no need to follow up.
Cement traded at $67 on the 16 of May, the next day the last price fell to $64.80 and then to $61.50 on the 18, bouncing to $63 on May 19, but back to $60.51 on the May 24. On the 26 and the 27, the price moved up to $63 and moved to $69.70 on the first of June and traded at $66 on June 6, and jumped to $74 on the 7th.

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