Carreras pays out liquidation money

Carreras declared a special interim capital cash distribution of $1.18 per stock unit to be paid out of proceeds received from the liquidation of a subsidiary, pending the granting of a transfer tax exemption pursuant to the Transfer Tax Act.

The special capital cash distribution will be paid on January 30, 2014 to shareholders on record as at January 17, 2014. The ex-dividend date is January 15, 2014.

Carreras liquidated its subsidiary Cigarettes Company of Jamaica but was slapped with an unwarranted tax assessment in the mid 2000’s. The case was appealed up to the Privy Council and the company won, thus permitting it to be entitled to recover nearly $3 billion in taxes wrongfully paid along with interest and legal fees.

The company started to recover the amount in 2013 and should in all likelihood recover all of it before the end of 2014.

Related posts | Carreras down but not out | Carreras takes a big hit but tax recovery starts

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  1. […] January 2014 |  Cigarette distributors, Carreras’ stock jumped $4 one day after the company announced a special capital distribution. Activity elsewhere in the Jamaica stock market resulted in 33 securities trading with 8 advancing […]

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