Dividend from Montego Freeport

Montego Freeport plans on paying a dividend of 10 cents per share in the form of a capital distribution, on September 12, to members on the register at August 24. The payment is subject to approval by members, at the company’s annual general meeting to be held on August 21.
More than $2 is still left to be paid over to shareholders, when the company which is slated for liquidation is wound up. Montego Freeport reported profit of $12 million for the year to March this year and $28.9 million in 2013. The bulk of the income came from gain on sale of property. An amount of $23 million was written off as a result in a fall in value property, held for resale and booked in 2014, based on the price obtained for the sale of some of the lots compared to the value booked previously.
The directors’ report to shareholders, indicates that all lots have been sold, but the sale of a few of them have not been closed. At the end of March 2014, Freeport had net assets on its book of $1.39 billion or $2.47 per share and cash funds amounting to $491 million or 87 cents per share. There was $843 million due in receivables, $794 million of it represents amounts held in escrow, relating to funds received on the sale of property and assets held for sale amounting to $620 million. Amounts due to creditors and shareholders amount to $620 million, $527 million of it represents deposits on the sale of land.
Montego Freeport was previously listed on the Jamaica Stock Exchange but was delisted in January 2012, after the company’s shareholders voted in 2011 to have it delisted.